Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Fiscal Year Focus | 2022 |
Document Period End Date | Dec. 31, 2022 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 0-99 |
Entity Registrant Name | Mexican Petroleum |
Entity Incorporation, State or Country Code | O5 |
Entity Address, Address Line One | Avenida Marina Nacional No. 329 |
Entity Address, Address Line Two | Colonia Verónica Anzures |
Entity Address, Postal Zip Code | 11300 |
Entity Address, City or Town | Ciudad de México |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | false |
Entity Shell Company | false |
Entity Address, Country | MX |
Entity Central Index Key | 0000932782 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Document Accounting Standard | International Financial Reporting Standards |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Avenida Marina Nacional No. 329 Torre Ejecutiva |
Entity Address, Address Line Two | Piso 38 Colonia Verónica Anzures |
Entity Address, Postal Zip Code | 11300 |
Entity Address, City or Town | Ciudad de México |
Contact Personnel Name | Delia Cristina Arista Hernández |
City Area Code | 5255 |
Local Phone Number | 9126-2940 |
Contact Personnel Email Address | ri@pemex.com |
Entity Address, Country | MX |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | KPMG Cárdenas Dosal, S.C. |
Auditor Location | Mexico City, Mexico |
Auditor Firm ID | 1141 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) |
Current assets: | |||
Cash and cash equivalents | $ 3,317,890 | $ 64,414,511 | $ 76,506,447 |
Customers, net | 5,517,435 | 107,117,145 | 101,259,081 |
Other financing receivables | 2,319,960 | 45,040,403 | 40,787,153 |
Other non-financing receivables | 6,321,218 | 122,722,019 | 136,350,115 |
Inventories | 6,491,009 | 126,018,397 | 86,113,142 |
Government Bonds | 2,396,494 | 46,526,257 | 1,253,451 |
Derivative financial instruments | 657,019 | 12,755,568 | 12,473,967 |
Other current assets | 170,002 | 3,300,478 | 3,650,688 |
Total current assets | 27,191,027 | 527,894,778 | 458,394,044 |
Non-current assets: | |||
Investments in joint ventures and associates | 105,281 | 2,043,966 | 2,254,952 |
Wells, pipelines, properties, plant and equipment, net | 70,502,199 | 1,368,750,850 | 1,274,532,607 |
Rights of use assets | 2,550,741 | 49,520,847 | 54,283,458 |
Long-term notes receivable, net of current portion | 68,719 | 1,334,126 | 1,646,290 |
Government Bonds | 3,278,679 | 63,653,260 | 109,601,905 |
Deferred income taxes and duties | 8,840,523 | 171,632,558 | 92,255,839 |
Intangible assets, net | 1,546,537 | 30,024,934 | 20,016,146 |
Other assets | 1,581,449 | 30,702,725 | 39,112,930 |
Total non-current assets | 88,474,128 | 1,717,663,266 | 1,593,704,127 |
Total assets | 115,665,155 | 2,245,558,044 | 2,052,098,171 |
Current liabilities: | |||
Short-term debt and current portion of long-term debt | 24,000,231 | 465,947,683 | 492,283,613 |
Short-term leases | 344,101 | 6,680,488 | 7,902,874 |
Suppliers | 14,538,008 | 282,245,250 | 264,056,358 |
Income taxes and duties payable | 3,647,484 | 70,813,355 | 112,753,591 |
Accounts and accrued expenses payable | 4,213,823 | 81,808,426 | 32,015,808 |
Derivative financial instruments | 1,145,653 | 22,242,056 | 13,636,086 |
Total current liabilities | 47,889,300 | 929,737,258 | 922,648,330 |
Long-term liabilities: | |||
Long-term debt, net of current portion | 83,727,784 | 1,625,516,313 | 1,757,412,281 |
Long-term leases, net of current portion | 2,289,605 | 44,451,087 | 51,448,775 |
Employee benefits | 67,315,673 | 1,306,886,675 | 1,384,071,648 |
Provisions for sundry creditors | 4,591,805 | 89,146,685 | 92,397,666 |
Other liabilities | 606,625 | 11,777,226 | 10,778,904 |
Deferred income taxes | 353,607 | 6,865,025 | 3,341,350 |
Total long-term liabilities | 158,885,099 | 3,084,643,011 | 3,299,450,624 |
Total liabilities | 206,774,399 | 4,014,380,269 | 4,222,098,954 |
Controlling interest: | |||
Certificates of Contribution “A” | 53,032,677 | 1,029,592,293 | 841,285,576 |
Mexican Government contributions | 3,437,188 | 66,730,591 | 43,730,591 |
Legal reserve | 51,618 | 1,002,130 | 1,002,130 |
Accumulated other comprehensive result | 2,664,912 | 51,737,388 | (38,139,514) |
Accumulated deficit: | |||
From prior years | (155,452,840) | (3,018,008,068) | (2,723,475,900) |
Net income (loss) for the year | 5,172,067 | 100,412,051 | (294,532,168) |
Total controlling interest | (91,094,378) | (1,768,533,615) | (2,170,129,285) |
Total non-controlling interest | (14,866) | (288,610) | 128,502 |
Total equity (deficit) | (91,109,244) | (1,768,822,225) | (2,170,000,783) |
Total liabilities and equity (deficit) | $ 115,665,155 | $ 2,245,558,044 | $ 2,052,098,171 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income $ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |||||
Net revenues | ||||||||
Domestic | $ 61,434,830 | $ 1,192,714,214 | $ 762,114,551 | $ 503,712,031 | ||||
Incentive for automotive fuels | 5,761,936 | 111,863,956 | 0 | 0 | ||||
Export | 55,290,419 | 1,073,424,789 | 728,540,828 | 445,234,329 | ||||
Services income | 277,391 | 5,385,350 | 4,973,241 | 4,715,484 | ||||
Total revenues | 122,764,576 | 2,383,388,309 | 1,495,628,620 | 953,661,844 | ||||
(Impairment) of wells, pipelines, properties, plant and equipment, net | (4,302,912) | (83,538,021) | (1,210,595) | (36,353,700) | ||||
Cost of sales | 87,490,305 | 1,698,563,022 | 1,066,650,702 | 832,614,690 | ||||
Gross income (loss) | 30,971,359 | 601,287,266 | 427,767,323 | 84,693,454 | ||||
Other revenues (expenses): | ||||||||
Distribution, transportation and sale expenses | 839,847 | 16,305,036 | 15,038,550 | 12,436,242 | ||||
Administrative expenses | 7,926,068 | 153,879,066 | 150,432,311 | 145,894,444 | ||||
Other revenues | 2,057,302 | 39,941,073 | 17,600,466 | 11,768,846 | ||||
Other expenses | (1,317,872) | (25,585,553) | (50,969,096) | (1,194,714) | ||||
Operating income (loss) | 22,944,874 | 445,458,684 | 228,927,832 | (63,063,100) | ||||
Financing income | [1] | 1,402,470 | 27,227,965 | 28,906,784 | 16,742,048 | |||
Financing cost | (8,225,065) | [2] | (159,683,880) | (164,571,647) | [2] | (161,765,242) | [2] | |
Derivative financial instruments (cost) income, net | (1,177,635) | (22,862,951) | (25,224,243) | 17,096,141 | ||||
Foreign exchange income (loss), net | 6,680,132 | 129,690,090 | (45,675,050) | (128,949,304) | ||||
Sum of financing (costs) net, derivative instruments (cost) and foreign exchange income (loss), net | (1,320,098) | (25,628,776) | (206,564,156) | (256,876,357) | ||||
Profit (loss) sharing in joint ventures and associates | 17,997 | 349,401 | (3,088,107) | (3,540,533) | ||||
(Impairment) in joint ventures | 0 | 0 | (6,703,324) | 0 | ||||
Income (loss) before duties, taxes and other | 21,642,773 | 420,179,309 | 12,572,245 | (323,479,990) | ||||
Profit sharing duty, net | 20,161,432 | 391,420,083 | 306,827,282 | 154,609,136 | ||||
Income tax (benefit) expense | (3,669,422) | (71,239,244) | 520,840 | 30,962,939 | ||||
Total duties, taxes and other | 16,492,010 | 320,180,839 | 307,348,122 | 185,572,075 | ||||
Net income (loss) | 5,150,763 | 99,998,470 | (294,775,877) | (509,052,065) | ||||
Currency translation effect | (1,726,096) | (33,510,936) | 7,740,186 | 7,876,961 | ||||
Actuarial gains (losses) - employee benefits, net of taxes | 6,355,331 | 123,384,307 | 205,407,809 | (19,182,373) | ||||
Total other comprehensive results | 4,629,235 | 89,873,371 | 213,147,995 | (11,305,412) | ||||
Total comprehensive income (loss) | 9,779,998 | 189,871,841 | (81,627,882) | (520,357,477) | ||||
Net income (loss) attributable to: | ||||||||
Controlling interest | 5,172,067 | 100,412,051 | (294,532,168) | (508,878,813) | ||||
Non-controlling interest | (21,304) | (413,581) | (243,709) | (173,252) | ||||
Net income (loss) | 5,150,763 | 99,998,470 | (294,775,877) | (509,052,065) | ||||
Other comprehensive results attributable to: | ||||||||
Controlling interest | 4,629,418 | 89,876,902 | 213,145,476 | (11,206,400) | ||||
Non-controlling interest | (183) | (3,531) | 2,519 | (99,012) | ||||
Total other comprehensive results | 4,629,235 | 89,873,371 | 213,147,995 | (11,305,412) | ||||
Comprehensive (loss) income: | ||||||||
Controlling interest | 9,801,485 | 190,288,953 | (81,386,692) | (520,085,213) | ||||
Non-controlling interest | (21,487) | (417,112) | (241,190) | (272,264) | ||||
Total comprehensive income (loss) | $ 9,779,998 | $ 189,871,841 | $ (81,627,882) | $ (520,357,477) | ||||
[1]Includes financing income from investments and gain on discount rate of plugging of wells in 2022, 2021 and 2020.[2]Mainly interest on debt. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Deficit) $ in Thousands, $ in Thousands | USD ($) | MXN ($) | Certificates of Contribution “A” USD ($) | Certificates of Contribution “A” MXN ($) | Mexican Government contributions USD ($) | Mexican Government contributions MXN ($) | Legal reserve USD ($) | Legal reserve MXN ($) | Accumulated other comprehensive income (loss) Cumulative currency translation effect USD ($) | Accumulated other comprehensive income (loss) Cumulative currency translation effect MXN ($) | Accumulated other comprehensive income (loss) Actuarial (losses) gains on employee benefits effect USD ($) | Accumulated other comprehensive income (loss) Actuarial (losses) gains on employee benefits effect MXN ($) | Accumulated deficit, for the year USD ($) | Accumulated deficit, for the year MXN ($) | Accumulated deficit, from prior years USD ($) | Accumulated deficit, from prior years MXN ($) | Total USD ($) | Total MXN ($) | Non- controlling interest USD ($) | Non- controlling interest MXN ($) |
Beginning balance at Dec. 31, 2019 | $ (1,931,409,302) | $ 478,675,447 | $ 43,730,591 | $ 1,002,130 | $ 43,229,070 | $ (283,307,660) | $ (281,490,302) | $ (1,933,106,785) | $ (1,931,267,509) | $ (141,793) | ||||||||||
Statement [line items] | ||||||||||||||||||||
Transfer to accumulated deficit | 281,490,302 | (281,490,302) | ||||||||||||||||||
Increase in Certificates of Contribution "A" | 46,256,000 | 46,256,000 | 46,256,000 | |||||||||||||||||
Non-controlling divestment | 783,749 | 783,749 | ||||||||||||||||||
Total comprehensive income (loss) | (520,357,477) | 7,972,187 | (19,178,587) | (508,878,813) | (520,085,213) | (272,264) | ||||||||||||||
Ending Balance at Dec. 31, 2020 | (2,404,727,030) | 524,931,447 | 43,730,591 | 1,002,130 | 51,201,257 | (302,486,247) | (508,878,813) | (2,214,597,087) | (2,405,096,722) | 369,692 | ||||||||||
Statement [line items] | ||||||||||||||||||||
Transfer to accumulated deficit | 508,878,813 | (508,878,813) | ||||||||||||||||||
Increase in Certificates of Contribution "A" | 316,354,129 | 316,354,129 | 316,354,129 | |||||||||||||||||
Total comprehensive income (loss) | (81,627,882) | 7,744,468 | 205,401,008 | (294,532,168) | (81,386,692) | (241,190) | ||||||||||||||
Ending Balance at Dec. 31, 2021 | (2,170,000,783) | 841,285,576 | 43,730,591 | 1,002,130 | 58,945,725 | (97,085,239) | (294,532,168) | (2,723,475,900) | (2,170,129,285) | 128,502 | ||||||||||
Statement [line items] | ||||||||||||||||||||
Transfer to accumulated deficit | 294,532,168 | (294,532,168) | ||||||||||||||||||
Increase in Certificates of Contribution "A" | 188,306,717 | 188,306,717 | 188,306,717 | |||||||||||||||||
Proceeds from the Fondo Nacional de Infraestructura (FONADIN) grants | 23,000,000 | 23,000,000 | 23,000,000 | |||||||||||||||||
Total comprehensive income (loss) | $ 9,779,998 | 189,871,841 | (33,508,515) | 123,385,417 | 100,412,051 | 190,288,953 | (417,112) | |||||||||||||
Ending Balance at Dec. 31, 2022 | $ (91,109,244) | $ (1,768,822,225) | $ 53,032,677 | $ 1,029,592,293 | $ 3,437,188 | $ 66,730,591 | $ 51,618 | $ 1,002,130 | $ 1,310,231 | $ 25,437,210 | $ 1,354,681 | $ 26,300,178 | $ 5,172,067 | $ 100,412,051 | $ (155,452,840) | $ (3,018,008,068) | $ (91,094,378) | $ (1,768,533,615) | $ (14,866) | $ (288,610) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Operating activities: | |||||
Net income (loss) | $ 5,150,763 | $ 99,998,470 | $ (294,775,877) | $ (509,052,065) | |
Items related to investment activities | |||||
Income taxes and duties | 16,492,010 | 320,180,839 | 307,348,122 | 185,572,075 | |
Depreciation and amortization of wells, pipelines, properties, plant and equipment | 7,199,426 | 139,771,815 | 133,431,365 | 129,631,820 | |
Amortization of intangible assets | 26,596 | 516,342 | 403,295 | 478,988 | |
Impairment of wells, pipelines, properties, plant and equipment | 4,302,912 | 83,538,021 | 1,210,595 | 36,353,700 | |
Capitalized unsuccessful wells | 366,234 | 7,110,169 | 9,730,391 | 10,947,702 | |
Unsuccessful wells from intangible assets | 716,559 | 13,911,491 | 12,565,711 | 8,404,284 | |
Loss from derecognition of disposal of wells, pipelines, properties, plant and equipment | 1,221,951 | 23,723,321 | 47,299,622 | 5,297,562 | |
Depreciation of rights of use | 307,185 | 5,963,778 | 6,407,871 | 7,229,231 | |
Reversal of impairment of rights of use | 0 | 0 | (87,025) | 0 | |
Impairment of joint ventures | 0 | 0 | 6,703,324 | 0 | |
Loss from derecognition of intangible assets | 0 | 0 | 0 | 396,118 | |
Cancellation of leases | (41,588) | (807,396) | (432,906) | (1,101,987) | |
Unrealized foreign exchange loss (income) of reserve for well abandonment | 239,370 | 4,647,200 | 4,454,106 | 4,555,692 | |
Reclassification of translation effect | (534,827) | (10,383,296) | 0 | 0 | |
(Gains) on bargain purchase of business acquisition | (65,477) | (1,271,188) | 0 | (707,533) | |
(Profit) loss sharing in joint ventures and associates, net | (17,997) | (349,401) | 3,088,107 | 3,540,533 | |
Items related to financing activities | |||||
Unrealized foreign exchange (income) loss | (6,621,169) | (128,545,369) | 44,485,347 | 132,466,243 | |
Interest expense | 8,225,065 | 159,683,880 | 164,571,647 | 161,765,242 | |
Interest income | (1,402,470) | (27,227,965) | (28,906,784) | (16,742,048) | |
Funds from operating activities | 35,564,543 | 690,460,711 | 417,496,911 | 159,035,557 | |
Funds from operating activities | |||||
Profit-sharing duty and income tax paid | (22,223,052) | (431,444,989) | (265,883,549) | (172,369,522) | |
Derivative financial instruments | 428,775 | 8,324,369 | 17,792,097 | (21,783,819) | |
Customers and accounts receivable | (3,198,140) | (62,089,654) | (48,408,683) | (20,353,395) | |
Inventories | (1,814,100) | (35,219,475) | (7,960,924) | 17,009,543 | |
Accounts payable and accrued expenses | 2,564,739 | 49,792,617 | 1,306,311 | 4,654,346 | |
Suppliers | 864,815 | 16,789,777 | (5,614,192) | 23,030,055 | |
Provisions for sundry creditors | 50,350 | 977,512 | 6,184,831 | 2,222,492 | |
Employee benefits | 2,795,629 | 54,275,187 | 67,886,654 | 59,170,346 | |
Other taxes and duties | 3,336,290 | 64,771,737 | 6,435,856 | 14,678,059 | |
Net cash flows from operating activities | 18,369,849 | 356,637,792 | 189,235,312 | 65,293,662 | |
Investing activities | |||||
Business acquisition, net of cash acquired | (1,545,896) | (30,012,487) | 0 | 0 | |
Interest collected | 105,362 | 2,045,526 | 458,536 | 936,350 | |
Resources from the sale of subsidiary companies | 0 | 0 | 0 | 134,716 | |
Proceeds from FONADIN - grants deferred income | 0 | 0 | 4,399,765 | 0 | |
Other assets | (231,633) | (4,496,986) | (31,687,825) | (3,592,553) | |
Acquisition of wells, pipelines, properties, plant and equipment | (15,727,341) | (305,335,318) | (209,591,816) | (114,977,051) | |
Acquisition of intangible assets | (1,809,780) | (35,135,611) | (25,814,218) | (23,641,105) | |
Net cash flows (used in) investing activities | (19,209,288) | (372,934,876) | (262,235,558) | (141,139,643) | |
Financing activities: | |||||
Increase in equity due to Certificates of Contribution “A” | 9,699,382 | 188,306,717 | 316,354,129 | 46,256,000 | |
Proceeds from FONADIN grants | 1,184,694 | 23,000,000 | $ 0 | 0 | |
Collections from the Mexican Government | 0 | 15,788,696 | 4,102,622 | ||
Interest collected from the Mexican Government | 384,032 | 7,455,715 | 7,126,559 | 1,698,318 | |
Lease payments | (379,240) | (7,362,686) | (7,622,403) | (7,979,972) | |
Interest of lease paid | (168,646) | (3,274,137) | (3,646,028) | (2,030,829) | |
Loans obtained from financial institutions | 54,814,205 | 1,064,179,416 | 1,636,216,843 | 1,288,129,868 | |
Debt payments, principal only | (57,028,030) | (1,107,159,280) | (1,707,581,580) | (1,151,962,147) | |
Interest paid | (7,930,066) | (153,956,690) | (157,256,625) | (130,989,150) | |
Net cash flows from financing activities | 576,331 | 11,189,055 | 99,379,591 | 47,224,710 | |
Net (decrease) increase in cash and cash equivalents | (263,108) | (5,108,029) | 26,379,345 | (28,621,271) | |
Effects of foreign exchange on cash balances | (359,729) | (6,983,907) | 10,137,321 | 7,989,421 | |
Cash and cash equivalents at the beginning of the year | 3,940,727 | 76,506,447 | 39,989,781 | 60,621,631 | |
Cash and cash equivalents at the end of the year (Note 9) | $ 3,317,890 | $ 64,414,511 | $ 3,940,727 | $ 76,506,447 | $ 39,989,781 |
Structure and Business Operatio
Structure and Business Operations of Petroleos Mexicanos, Subsidiary Entities and Subsidiary Companies | 12 Months Ended |
Dec. 31, 2022 | |
Structure, business operations, subsidiary entities, and subsidiary companies [Abstract] | |
Structure and Business Operations of Petroleos Mexicanos, Subsidiary Entities and Subsidiary Companies | STRUCTURE AND BUSINESS OPERATIONS OF PETRÓLEOS MEXICANOS, SUBSIDIARY ENTITIES AND SUBSIDIARY COMPANIES Petróleos Mexicanos was created by a decree issued by the Mexican Congress on June 7, 1938. The decree was published in the Diario Oficial de la Federación (“Official Gazette of the Federation”) on July 20, 1938 and came into effect on that date. On December 20, 2013, the Decreto por el que se reforman y adicionan diversas disposiciones de la Constitución Política de los Estados Unidos Mexicanos, en Materia de Energía (Decree that amends and supplements various provisions of the Mexican Constitution relating to energy matters), was published in the Official Gazette of the Federation. This Decree came into effect on December 21, 2013 and includes transitional articles setting forth the general framework and timeline for implementing legislation relating to the energy sector. On August 11, 2014, the Ley de Petróleos Mexicanos (the “Petróleos Mexicanos Law”) was published in the Official Gazette of the Federation. The Petróleos Mexicanos Law became effective on October 7, 2014, except for certain provisions. On December 2, 2014, the Secretaría de Energía (“Ministry of Energy”) published in the Official Gazette of the Federation the declaration pursuant to which the special regime governing Petróleos Mexicanos’ activities relating to productive state-owned subsidiaries, affiliates, compensation, assets, administrative liabilities, state dividend, budget and debt came into effect. On June 10, 2015, the Disposiciones Generales de Contratación para Petróleos Mexicanos y sus Empresas Productivas Subsidiarias (General Contracting Provisions for Petróleos Mexicanos and its productive state-owned subsidiaries) was published in the Official Gazette of the Federation and the following day the special regime for acquisitions, leases, services and public works matters came into effect. Once the Petróleos Mexicanos Law came into effect, Petróleos Mexicanos was transformed from a decentralized public entity to a productive state-owned company. Petróleos Mexicanos is a legal entity empowered to own property and carry on business in its own name with the purpose of carrying out exploration and extraction of crude oil and other hydrocarbons in the United Mexican States (“Mexico”), as well as refining, processing, storing, transporting, selling and trading in these products. The Subsidiary Entities, Pemex Exploración y Producción (“Pemex Exploration and Production”), Pemex Transformación Industrial (“Pemex Industrial Transformation”) and Pemex Logística (“Pemex Logistics”) are productive state-owned subsidiaries empowered to own property and carry on business in their own name, subject to the direction and coordination of Petróleos Mexicanos (the “Subsidiary Entities”). The Subsidiary Entities and their primary purposes, are as follows: • Pemex Exploration and Production: This entity is in charge of the exploration and extraction of crude oil and solid, liquid or gaseous hydrocarbons in Mexico, in the exclusive economic zone of Mexico and abroad, as well as drilling services and repair and services of wells; • Pemex Industrial Transformation: This entity performs activities related to refining, transformation, processing, importing, exporting, trading and the sale of hydrocarbons, petroleum products, natural gas and petrochemicals, as well as commercializes, distributes and trades methane, ethane and propylene, directly or through others; and • Pemex Logistics: This entity provides transportation, storage and related services for crude oil, petroleum products and petrochemicals to PEMEX (as defined below) and other companies, through pipelines and maritime and terrestrial means, and provides guard and management services. The principal distinction between the Subsidiary Entities and the Subsidiary Companies (as defined below) is that the Subsidiary Entities are productive state-owned entities, whereas the Subsidiary Companies are affiliate companies that were formed in accordance with the applicable laws of each of the respective jurisdictions in which they were incorporated. The “Subsidiary Companies” are defined as those companies which are controlled, directly or indirectly, by Petróleos Mexicanos. “Associates,” as used herein, means those companies in which Petróleos Mexicanos has significant influence but not control or joint control over its financial and operating policies. Petróleos Mexicanos, the Subsidiary Entities and the Subsidiary Companies are referred to collectively herein as “PEMEX”. PEMEX’s address and its principal place of business is: Av. Marina Nacional No. 329, Col. Verónica Anzures, Alcaldía Miguel Hidalgo, 11300, Ciudad de México, México. |
Authorization and Basis of Prep
Authorization and Basis of Preparation | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of basis of preparation [Abstract] | |
Authorization and Basis of Preparation | AUTHORIZATION AND BASIS OF PREPARATION Authorization On April 21, 2023, these consolidated financial statements and the notes hereto were authorized for issuance by the following officers: Mr. Octavio Romero Oropeza, Chief Executive Officer, Lic. Carlos Fernando Cortez Gonzalez, Acting Chief Financial Officer, Mr. Jose Maria del Olmo Blanco, Deputy Director of Budgeting and Accounting, and Mr. Oscar René Orozco Piliado, Associate Managing Director of Accounting. These consolidated financial statements and the notes hereto are issued pursuant to the terms of Article 13 Fraction VI of the Petróleos Mexicanos Law, Article 104 Fraction III, paragraph a, of the Ley del Mercado de Valores (Securities Market Law), and of Article 33 Fraction I, paragraph a, section 3 and Article 78 of the Disposiciones de carácter general aplicables a las emisoras de valores y a otros participantes del mercado de valores (“General provisions applicable to securities’ issuers and other participants of the securities market”). Basis of preparation A. Statement of compliance PEMEX prepared its consolidated financial statements as of December 31, 2022 and 2021, and for the years ended December 31, 2022, 2021 and 2020, in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). B. Basis of accounting These consolidated financial statements have been prepared using the historical cost basis method, with the exception of the following items, which have been measured using an alternative basis. ITEM BASIS OF MEASUREMENT Derivative Financial Instruments (“DFIs”) Fair Value Employee Benefits Fair Value of plan assets less present value of the obligation (defined benefit plan) C. Going concern The consolidated financial statements have been prepared on a going concern basis, which assumes that PEMEX will be able to continue its operations and can meet its payment obligations for a reasonable period (See Note 22-F). D. Functional and reporting currency These consolidated financial statements are presented in Mexican pesos, which is both PEMEX’s functional currency and reporting currency, due to the following: i. The economic environment in which PEMEX operates is Mexico, where the legal currency is the Mexican peso; ii. The budget through which Petróleos Mexicanos and its Subsidiary Entities operate as entities of the Mexican Government, including the ceiling for personnel services, is elaborated, approved and exercised in Mexican pesos; iii. Employee benefits provision was 33% and 33% of PEMEX’s total liabilities as of December 31, 2022 and 2021, respectively. This provision is computed, denominated and payable in Mexican pesos; and iv. Cash flows for payment of general expenses, taxes and duties are realized in Mexican pesos. Although the sales prices of certain products are based on international U.S. dollar-indices, final domestic selling prices are governed by the economic and financial policies established by the Mexican Government. Accordingly, cash flows from domestic sales are generated and received in Mexican pesos. With regards to PEMEX’s foreign currency (export sales, borrowings, etc.), Mexico’s monetary policy regulator, the Banco de México (“Mexican Central Bank”), requires that Mexican Government entities other than financial entities sell their foreign currency to the Mexican Central Bank in accordance with its terms, receiving Mexican pesos in exchange, which is the currency of legal tender in Mexico. Terms definition References in these consolidated financial statements and the related notes to “pesos” or “Ps.” refers to Mexican pesos, “U.S. dollars” or “U.S.$” refers to dollars of the United States of America, “yen” or “¥” refers to Japanese yen, “euro” or “€” refers to the legal currency of the European Economic and Monetary Union, “pounds sterling” or “£” refers to the legal currency of the United Kingdom and “Swiss francs” or “CHF” refers to the legal currency of the Swiss Confederation. Figures in all currencies are presented in thousands of the relevant currency unit, except exchange rates and product and share prices. E. Use of judgments and estimates The preparation of the consolidated financial statements in accordance with IFRS requires the use of estimates and assumptions made by PEMEX’s management that affect the recorded amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of these consolidated financial statements, as well as the recorded amounts of income, costs and expenses during the year. Actual results may differ from these estimates. Significant estimates and underlying assumptions are reviewed, and the effects of such revisions are recognized in the years in which any estimates are revised and in any future periods affected by such revision. Information about estimates, assumptions and critical accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statements are described in the following notes: i. Judgments, assumptions and estimation uncertainties • Note 3-A-i Basis of consolidation – Business combination • Note 3-C Financial instruments – Fair Value and expected credit losses. • Note 3-E Wells, pipelines, properties, plant and equipment – Useful lives. • Note 3-F Intangible assets, wells not assigned to a reserve and oil and natural gas exploration and license, appraisal and development expenditure – successful efforts method. • Note 3-H Impairment of non-financial assets – fair values, cash flow estimates and discount rates determination. • Note 3-I Leases – Early cancellation or renewal options. • Note 3-J Provisions – Environmental liabilities and retirement of assets. • Note 3-K Employee benefits – Actuarial assumptions. • Note 3-L Income taxes, duties and royalties – Recoverability assessment of deferred tax assets. • Note 3-M Contingencies – Probability assessment. • Note 3-P – Revenue from contracts with customers ii. Measurement of fair values Some of PEMEX’s accounting policies and disclosures require the measurement of the fair values of financial assets and liabilities, as well as non-financial assets and liabilities. PEMEX has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values. The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which the valuations should be classified. When measuring the fair value of an asset or a liability, PEMEX uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows. • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. PEMEX recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. F. Convenience translations These consolidated financial statements are presented in Mexican pesos (reporting currency), which is the same as the recording currency and the functional currency of PEMEX. The U.S. dollar amounts shown in the consolidated statements of financial position, the consolidated statements of comprehensive income, the consolidated statements of changes in equity (deficit) and the consolidated statements of cash flows have been included solely for the convenience of the reader and are unaudited. Such amounts have been translated from amounts in pesos, as a matter of arithmetic computation only, at the exchange rate for the settlement of obligations in foreign currencies provided by the Mexican Central Bank and the Secretaría de Hacienda y Crédito Público (“Ministry of Finance and Public Credit” or “SHCP”) at December 31, 2022 of Ps. 19.4143 per U.S. dollar. Translations herein should not be construed as a representation that the peso amounts have been or could be converted into U.S. dollars at the foregoing or any other rate. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of voluntary change in accounting policy [abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES PEMEX has consistently applied the following accounting policies to each of the periods presented in the preparation of its consolidated financial statements. Below is a summary of the principal accounting policies: A. Basis of consolidation The consolidated financial statements include the financial statements of Petróleos Mexicanos and those of its subsidiaries over which it has control. i. Business combinations PEMEX accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to PEMEX. In determining whether a particular set of activities and assets is a business, PEMEX assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set could produce outputs. PEMEX has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. ii. Subsidiaries Subsidiaries are entities controlled by PEMEX. PEMEX “controls” an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and could affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. For more information about the Subsidiary Companies, see Note 5. iii. Non-controlling interests (NCI) NCI are measured initially at their proportionate share of the acquiree’s identifiable net assets at the date of acquisition. Changes in the ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. iv. Loss of control When PEMEX loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. v. Interests in equity-accounted investees PEMEX’s interests in equity-accounted investees comprise interests in associates and a joint venture. Associates are those entities in which PEMEX has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which PEMEX has joint control, whereby PEMEX has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities (joint operation). Interests in associates and the joint venture are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include PEMEX’s share of the profit or loss and other comprehensive income (OCI) of equity accounted investees, until the date on which significant influence or joint control ceases. Upon loss of significant influence over the associate or joint control over the joint venture, PEMEX measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognized in profit or loss. When the value of the share of losses exceeds the value of PEMEX’s investment in an associate or joint venture, the carrying value of the investment, including any long-term investment, is reduced to zero and PEMEX ceases to recognize additional losses, except in cases where PEMEX is liable for obligations incurred by those associates and joint ventures. For more information about joint ventures and associates, see Note 12. vi. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the PEMEX interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. B. Foreign currency i. Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of PEMEX companies at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognized in consolidated statements of comprehensive income and presented within foreign exchange. ii. Foreign operation The financial statements of foreign subsidiaries and associates are translated into the reporting currency by first identifying if the functional currency is different from the currency for recording the foreign operations, and, if so, the recording currency is translated into the functional currency and then into the reporting currency using the year-end exchange rate of each period for assets and liabilities reported in the consolidated statements of financial position; the historical exchange rate at the date of the transaction for equity items; and the exchange rate at the date of the transaction for income and expenses reported in the consolidated statement of comprehensive income. Foreign currency differences are recognized in OCI and accumulated in the currency translation effect, except to the extent that the translation difference is allocated to NCI. When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to the consolidated statement of comprehensive income as part of the gain or loss on disposal. If PEMEX disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to NCI. When PEMEX disposes of only part of an associate or joint venture while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. C. Financial instruments i. Recognition and initial measurement Financial assets and liabilities are initially recognized when these assets are contractually originated or acquired, or when these liabilities are contractually issued or assumed. Financial assets and financial liabilities (unless it is an account receivable or account payable without a significant financing component) are measured and initially recognized at fair value, in the case of financial assets or liabilities not measured at fair value with changes through OCI, plus the transaction costs directly attributable to acquisition or issuance, when subsequently measured at amortized cost. An account receivable or account payable without a significant financing component is initially measured at the transaction price. If PEMEX determines that the fair value at the initial recognition differs from the transaction price, PEMEX shall recognize the difference between the fair value at initial the recognition and the transaction price in the consolidated statements of comprehensive income. ii. Classification and subsequent measurement Financial Assets On initial recognition, a financial asset is classified as measured at: Amortized Cost; Fair Value Through Other Comprehensive Income (“FVTOCI”)–debt investment; FVTOCI–equity investment; or Fair Value Through Profit or Loss (“FVTPL”). Financial assets are not reclassified subsequent to their initial recognition unless PEMEX changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. FINANCIAL ASSETS MEASUREMENT Amortized cost A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: • it is held within a business model that has the objective of holding assets to collect contractual cash flows; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Debt investment A debt instrument is measured at FVTOCI only if it meets both of the following conditions and is not designated as at FVTPL: • it is held within a business model that has the objective of both collecting contractual cash flows and selling financial assets; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Equity investment On initial recognition of an equity investment that is not held for trading, PEMEX may irrevocably elect to present subsequent changes in fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortized cost or FVTOCI (as described above) are measured at FVTPL. This includes all derivative financial assets (see Note 18). On initial recognition, PEMEX may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as FVTPL, if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets: Business model assessment PEMEX assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes: • the stated policies and objectives for the portfolio and the operation of those policies in practice, which include whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; • how the performance of the portfolio is evaluated and reported to PEMEX management; • the risk that affects the performance of the business model (and the financial assets held within that business model) and how those risks are managed; • how managers of the business are compensated (e.g., whether compensation is based on the fair value of the assets managed or the contractual cash flows collected); and • the frequency, volume and timing of sales in prior periods, the reasons for such sales and expectations about future sales activity. Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with PEMEX’s continuing recognition of the assets. Financial assets that are held for trading or managed and the performance of which is evaluated on a fair value basis are measured at FVTPL. Financial Asset: Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, principal is defined as the fair value of the financial assets on initial recognition. Interest is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during the relevant period of time and for the basic lending risks and costs (e.g., liquidity risk and administrative costs), as well as profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, PEMEX considers the contractual terms of the instrument, which includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, PEMEX considers: • contingent events that would change the amount or timing of cash flows; • terms that may adjust the contractual coupon rate, including variable rate features; • prepayment and extension features; and • terms that limit PEMEX’s claim to cash flows from specified assets (for example, non-recourse features). A prepayment feature is consistent solely with the payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a significant discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition. Financial assets: Subsequent measurement and gain and losses Financial assets at FVTPL Financial assets at FVTPL are measured at fair value and changes therein, including any interest or dividend income, are recognized in profit or loss. Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. Financial liabilities: Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss. iii. Derecognition Financial assets PEMEX derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which PEMEX neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. PEMEX enters into transactions whereby it transfers assets recognized in its statement of financial position but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized. Financial liabilities PEMEX derecognizes a financial liability when its contractual obligations are discharged, cancelled or expired. PEMEX also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. Interest rate benchmark reform When the basis for determining the contractual cash flows of a financial asset or financial liability measured at amortized cost changed as a result of interest rate benchmark reform, PEMEX updated the effective interest rate of the financial asset or financial liability to reflect the change that is required by the reform. A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: • the change is necessary as a direct consequence of the reform; and • the new basis for determining the contractual cash flows is economically equivalent to the previous basis – i.e., the basis immediately before the change. When changes are made to a financial asset or financial liability in addition to changes to the basis for determining the contractual cash flows required by interest rate benchmark reform, PEMEX first updates the effective interest rate of the financial asset or financial liability to reflect the change that is required by interest rate benchmark reform. After that, PEMEX applies the policies on accounting for modifications to the additional changes. iv. Offsetting Financial assets and financial liabilities are offset, and the net amount is presented in the statement of financial position when, and only when, PEMEX has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. v. Derivative financial instruments and hedge accounting PEMEX uses DFIs to hedge the risk exposure in foreign currency, interest rate and the price of commodities related to its products. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. These contracts are not accounted as designated hedging instruments. DFIs are accounted for as financial assets when the fair value is positive and as a financial liability when the fair value is negative. vi. Impairment Financial instruments and contract assets PEMEX recognizes loss allowances for Estimated Credit Losses (“ECLs”) on: • financial assets measured at amortized cost; • debt investments measured at FVOCI; and • contract assets. PEMEX measures loss allowances at an amount equal to lifetime ECL, except for the following, which are measured as 12-month ECLs: • debt securities that are determined to have low credit risk at the reporting date; and • other debt securities and bank balances for which credit risk (i.e., the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. PEMEX considers a financial asset to be in default when the debtor is unlikely to pay its credit obligations to PEMEX in full, without recourse by PEMEX to actions such as guarantee redemption (if any is held). PEMEX considers that a debt instrument has a low credit risk, when its credit rating is classified as “investment grade.” The investment grade classification is based on minimum credit ratings of Baa3 (Moody’s) and BBB- (S&P and Fitch), as well as its equivalent in other rating agencies. Lifetime ECLs are the credit losses that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which PEMEX is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (for example, the difference between the cash flows due to the entity in accordance with the contract and the cash flows that PEMEX expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Credit-impaired financial assets At each reporting date, PEMEX assesses whether financial assets carried at amortized cost and debt securities at FVOCI are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: • significant financial difficulty of the borrower or issuer; • a breach of contract such as a default or being more than 90 days past due; • the restructuring of a loan or advance by PEMEX on terms that it would not consider otherwise; • it is probable that the borrower will enter bankruptcy or other financial reorganization; or • the disappearance of an active market for a security because of financial difficulties. Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. Write-off The gross carrying amount of a financial asset is written off when PEMEX has no reasonable expectation of recovering a financial asset in its entirety or a portion thereof. In the case of individual customers, PEMEX’s policy is to cancel the gross carrying amount when the financial asset has met the uncollectibility report as established in the Políticas Generales y Procedimientos para Cancelar Adeudos (Procedure to Write-Off Financial Assets). For corporate customers, PEMEX individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the PEMEX’s procedures for recovery of amounts due. D. Inventories and cost of sales Inventories are valued at the lower of cost or net realizable value. Cost is determined based on the cost of production or acquisition of inventory and other costs incurred in transporting such inventory to its present location and in its present condition, using the average cost method. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated selling costs. The estimate takes into consideration, among other things, the decrease in the value of inventories due to obsolescence. Cost of sales represents the cost of production or acquisition of inventories at the time of sale, increased, where appropriate, by declines in net realizable value of inventories during the year. Advance payment to suppliers for inventory purchases are recognized as part of inventory when the risks and benefits of the ownership of the inventory have been transferred to PEMEX. E. Wells, pipelines, properties, plant and equipment i. Recognition and measurement Items of wells, pipelines, properties, plant and equipment are recorded at acquisition or construction cost, which includes capitalized borrowing cost, less accumulated depreciation and accumulated impairment losses. Initial costs of wells, pipelines, properties, plant and equipment are initially recorded at cost, which includes their original purchase price or construction cost, any costs attributable to bringing the assets to a working condition for their intended use and the costs of dismantling and removing the items and restoring the site on which they are located, including the estimated cost of plugging and abandoning wells. The cost of financing projects that require large investments and financing incurred for projects, net of interest revenues from the temporary investment of these funds, is recognized as part of wells, pipelines, properties, plant and equipment when the cost is directly attributable to the construction or acquisition of a qualifying asset. The capitalization of these costs is suspended during periods in which the development of construction is interrupted, and its capitalization ends when the activities necessary for the use of the qualifying asset are substantially completed. All other financing costs are recognized in the consolidated statements of comprehensive income in the period in which they are incurred. The cost of self-constructed assets includes the cost of materials and direct labor, interest on financing and any other costs directly attributable to start up. In some cases, the cost also includes costs of plugging of wells and removal at present value. Expenditures related to the construction of wells, pipelines, properties, plant and equipment during the stage prior to commissioning are stated at cost as intangible assets or construction in progress, in accordance with the characteristics of the asset. Once the assets are ready for use, they are transferred to the respective component of wells, pipelines, properties, plant and equipment and depreciation or amortization begins. If significant parts of an item of wells, pipelines, properties, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of wells, pipelines, properties, plant and equipment is recognized in profit or loss. Advance payments for the acquisition of pipelines, properties, plant and equipment are also recognized in the line item of wells, pipelines, properties, plant and equipment when the risks and benefits of the ownership have been transferred to PEMEX. ii. Subsequent expenditure The costs of major maintenance or replacement of a significant component of an item of wells, pipelines, properties, plant and equipment are recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to PEMEX and its cost can be measured reliably. The costs of recurring maintenance, repairs and renovations of wells, pipelines, properties, plant and equipment carried out to maintain the facilities in normal operation conditions are recognized in profit or loss as incurred. iii. Depreciation Depreciation and amortization of capitalized costs in wells are determined based on the estimated economic life of the field to which the wells belong, considering the relationship between the production of barrels of oil equivalent for the period and proved developed reserves of the field, as of the beginning of the period, with quarterly updates for new development investments. Depreciation of other elements of pipelines, properties, plant and equipment is recognized in profit or loss on a straight-line basis over the estimated useful life of the asset, beginning as of the date that the asset is available for use, or in the case of construction, from the date that the asset is completed and ready for use. The estimated useful lives of wells, pipelines, properties, plant and equipment for current and comparative periods are described in Note 13. Estimated useful lives of items of properties, plant and equipment are reviewed and updated prospectively if expectations differ from previous estimates. F. Intangible assets and oil and natural gas exploration and license, appraisal and development expenditure i. Intangible assets Intangible assets acquired separately are measured at initial recognition at their acquisition cost. After the initial recognition, intangible assets are valued at their acquisition cost, less: (i) accumulated amortization, under the straight-line method during the estimated useful life of the intangible asset and (ii) accumulated impairment losses. Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognized in profit or loss as incurred. Amortization is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognized in profit or loss. Software licenses are amortized over the lesser of their contract period or the remaining life of the asset to which they are associated. The estimated useful lives of elements of intangible assets for current and comparative periods are described in Note 14. The estimated useful lives and residual values of intangible assets are reviewed at each reporting date and adjusted if appropriate. ii. Wells not assigned to a reserve, oil and natural gas exploration, appraisal and development expenditure a. Wells not assigned to a reserve Wells not assigned to a reserve mainly include drilling, evaluation and development costs for oil and natural gas, and rights-of-way. b. Oil and natural gas exploration, appraisal and development expenditures Oil and natural gas exploration, evaluation and development expenses are accounted for using the principles of the successful efforts method of accounting, as described below: Successful Efforts Method Pemex Exploration and Production applies IFRS 6 - Exploration and Evaluation of Mineral Resources, which allows an entity to develop an accounting policy for exploration and evaluation assets. Therefore, Pemex Exploration and Production uses the method of successful efforts, which requires a cause-and-effect relationship between the costs incurred and the recognition of specific reserves. Generally, if a cost is incurred without an identifiable future benefit, it is charged to expenses. Before PEMEX is able to determine the accounting treatment of a cost, it must be classified as a property acquisition, exploration, development or production cost. Exploration and appraisal expenditure Geological and geophysical exploration costs including topographic costs, geological studies, property access rights, remuneration and expenses of geologists and geophysicists are charged to expenses as incurred. Costs directly associated with an exploration well, other than the costs mentioned in the preceding paragraph, are initially capitalized as an intangible asset (wells not assigned to a reserve) until the drilling of the well is complete and the results have been evaluated. These costs include employee compensation, materials and fuel used, platform costs and payments made to contractors. If potentially commercial quantities of hydrocarbons are not found, the exploration well costs are written off against profit or loss. If hydrocarbons are found and, subject to additiona |
New Standards Recently Issued
New Standards Recently Issued | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of changes in accounting estimates [abstract] | |
New Standards Recently Issued | NEW STANDARDS RECENTLY ISSUED A number of new standards are effective for annual periods beginning after January 1, 2023 and earlier application is permitted; however, PEMEX has not early adopted the new or amended standards in preparing these consolidated financial statements. The following amended standards and interpretations are not expected to have a significant impact on the PEMEX’s consolidated financial statements: i. Applicable as of January 1, 2023 • Insurance Contracts (Amendments to IFRS 17) • Classification of Liabilities as Current or Non-current (Amendments to IAS 1) • Definition of Accounting Estimates (Amendments to IAS 8) • Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) • Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) ii. Applicable as of January 1, 2024 • Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) |
Subsidiary Entities and Subsidi
Subsidiary Entities and Subsidiary Companies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of subsidiaries [abstract] | |
Subsidiary Entities and Subsidiary Companies | SUBSIDIARY ENTITIES AND SUBSIDIARY COMPANIES As of December 31, 2022 and 2021, the Subsidiary Entities consolidated in these financial statements include Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics. Former Subsidiary Entity, Pemex Fertilizers, was also consolidated in these financial statements until December 31, 2020. As of December 31, 2022 and 2021, the consolidated Subsidiary Companies are as follows: • P.M.I. Holdings, B.V. (“PMI HBV”) (i)(iii)(x)(xi) • P.M.I. Trading DAC (“PMI Trading”) (i)(iii)(vii) • P.M.I. Holdings Petróleos España, S.L.U. (“HPE”) (i)(iii)(v) • P.M.I. Services North America, Inc. (“PMI SUS”) (i)(iii)(vi) • P.M.I. Norteamérica, S.A. de C.V. (“PMI NASA”) (i)(iii)(iv) • P.M.I. Comercio Internacional, S. A. de C. V. (“PMI CIM”) (i)(ii)(iv) • PMI Campos Maduros SANMA, S. de R. L. de C. V. (“SANMA”) (iii)(iv) • Pro-Agroindustria, S.A. de C. V. (“AGRO”) (iii)(iv) • PTI Infraestructura de Desarrollo, S.A. de C.V. (“PTI ID”) (iii)(iv) • P.M.I. Servicios Portuarios Transoceánico, S.A. de C.V. (“PMI SP”) (i)(iii)(iv) • Pemex Procurement International, Inc. (“PPI”) (iii)(vi) • Pemex Finance Limited (“FIN”) (iii)(ix) • Mex Gas Internacional, S.L. (“MGAS”) (iii)(iv) • Pemex Desarrollo e Inversión Inmobiliaria, S.A. de C.V. (“PDII”) (iii)(iv) • KOT Insurance Company, AG. (“KOT”) (iii)(viii) • PPQ Cadena Productiva, S.L.U. (“PPQCP”) (iii)(iv) • I.I.I. Servicios, S.A. de C.V. (“III Servicios”) (iii)(iv) • PMI Ducto de Juárez, S. de R.L. de C.V. (“PMI DJ”) (i)(iii)(iv) • PMX Fertilizantes Holding, S.A de C.V. (“PMX FH”) (iii)(iv) • PMX Fertilizantes Pacífico, S.A. de C.V. (“PMX FP”) (iii)(iv) • Grupo Fertinal, S.A. de C.V. (“GP FER”) (iii)(iv) • Compañía Mexicana de Exploraciones, S.A. de C.V. (“COMESA”) (ii)(iv) • P.M.I. Trading México, S.A. de C.V. (“TRDMX”) (i)(iii)(iv) • Holdings Holanda Services, B.V. (“HHS”) (iii)(xi) • Deer Park Refining Limited Partnership (“Deer Park” or “DPRLP”) (vi)(xii) (i) Member Company of the “PMI Subsidiaries.” (ii) Non-controlling interest company (98.33% in PMI CIM and 60.0% in COMESA). (iii) Petróleos Mexicanos owns 100.0% of the interests in this Subsidiary Company. (iv) Operates in Mexico. (v) Operates in Spain. (vi) Operates in United States of America. (vii) Operates in Ireland. (viii) Operates in Switzerland. (ix) Operates in Cayman Islands. (x) This company was liquidated in December 2021. (xi) Operates in Netherlands. (xii) This company is consolidated as of January 2022. |
Segment Financial Information
Segment Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Segment Financial Information | SEGMENT FINANCIAL INFORMATION PEMEX’s primary business is the exploration and production of crude oil and natural gas, as well as the production, processing, marketing and distribution of petroleum and petrochemical products. As of December 31, 2022, and 2021, PEMEX’s operations were conducted through The primary sources of revenue for PEMEX’s business segments are as described below: • The exploration and production segment earns revenues from domestic sales of crude oil and natural gas, and from exporting crude oil through certain of the Trading Companies. Crude oil export sales are made through the agent subsidiary company PMI CIM, to 17 major customers in various foreign markets. Approximately half of PEMEX’s crude oil is sold to Pemex Industrial Transformation. Additionally, it receives income from drilling services, and servicing and repairing wells. • The industrial transformation segment earns revenues from sales of refined petroleum products and derivatives, mainly to third parties within the domestic market. This segment also sells a significant portion of the fuel oil it produces to the Comisión Federal de Electricidad (Federal Eletricity Commission, or “CFE”) and a significant portion of jet fuel produced to the Aeropuertos y Servicios Auxiliares (Airports and Auxiliary Services Agency or "ASA"). The refining segment’s most important products are different types of gasoline and diesel. • The industrial transformation segment also earns revenues from domestic sources generated by sales of natural gas, liquefied petroleum gas, naphtha, butane and ethane and certain other petrochemicals such as methane derivatives, ethane derivatives, aromatics, ammonia, fertilizers and its derivatives. • The logistics segment earns income from transportation and storage of crude oil, petroleum products and petrochemicals, as well as related services, which it provides by employing pipelines and offshore and onshore resources, and from providing services related to the maintenance, handling, guarding and management of these products. • Effective January 20, 2022, the Deer Park segment includes DPRLP's operations, whose operating results and performance are currently and regularly reviewed as a separate business by PEMEX's Board of Directors. DPRLP generates revenues from sales of distillates and gasoline in the U.S. market. • The trading companies segment, which consist of PMI CIM, PMI NASA, PMI Trading and MGAS (the “Trading Companies”), earns revenues from trading crude oil, natural gas and petroleum and petrochemical products in international markets. • The segment related to corporate provides administrative, financing and consulting services to PEMEX’s subsidiary entities and companies. • The segment related to the Subsidiary Companies provides administrative, financing, consulting and logistical services, as well as economic, tax and legal advice and re-insurance services to PEMEX’s subsidiary entities and companies. The following tables present the condensed financial information of these segments, after elimination of unrealized intersegment gain (loss), and include only select line items. The columns before intersegment eliminations include unconsolidated figures. As a result, the line items presented below may not total. These reporting segments are those which PEMEX’s management evaluates in its analysis and on which it bases its decision-making. These reporting segments are presented in PEMEX’s reporting currency. As of/for the year ended December 31, 2022 Exploration Industrial Logistics DPRLP (3) Trading Corporate Other Intersegment Total Sales: Trade Ps. 580,722,599 1,206,916,270 — 238,510,433 334,364,847 — 17,488,810 — Ps. 2,378,002,959 Intersegment 717,367,392 302,190,952 89,622,240 29,193,820 819,994,494 80,179,770 73,050,303 (2,111,598,971) — Services income 86,348 1,096,095 1,582,712 430,512 2,173,075 867 15,741 — 5,385,350 (Impairment) of wells, pipelines, properties, plant and equipment, net (60,438,070) (25,615,351) 2,121,045 — 394,355 — — — (83,538,021) Cost of sales 599,574,788 1,577,012,772 78,006,637 243,355,903 1,146,203,099 1,188,124 83,905,905 (2,030,684,206) 1,698,563,022 Gross income 638,163,481 (92,424,806) 15,319,360 24,778,862 10,723,672 78,992,513 6,648,949 (80,914,765) 601,287,266 Distribution, transportation and sale expenses 413,551 20,000,274 284,725 — 693,982 51,637 91,625 (5,230,758) 16,305,036 Administrative expenses 64,390,637 60,136,092 18,374,788 1,000,038 2,768,334 75,097,855 7,613,971 (75,502,649) 153,879,066 Other revenue 10,630,959 9,632,988 333,558 29,832 11,538,185 906,823 6,868,728 — 39,941,073 Other expenses (21,104,328) (665,656) 554,533 (1,550,862) (925,859) (770,526) (1,409,589) 286,734 (25,585,553) Operating income (loss) 562,885,924 (163,593,840) (2,452,062) 22,257,794 17,873,682 3,979,318 4,402,492 105,376 445,458,684 Financing income 86,983,763 448,537 12,494,966 241,369 454,991 177,776,910 561,083 (251,733,654) 27,227,965 Financing cost (150,663,974) (31,341,752) (545,053) (1,381,250) (3,389,376) (222,446,318) (1,544,435) 251,628,278 (159,683,880) Derivative financial instruments (cost) income, net (12,618,664) (27,846) — — (1,870,306) (8,346,135) — — (22,862,951) Foreign exchange income (loss), net 104,112,481 27,124,384 112,618 — (258,955) (2,577,191) 1,176,753 — 129,690,090 Profit (loss) sharing in joint ventures and associates (649,968) (1,332,437) (254) — 22,757,389 149,613,112 43,949,040 (213,987,481) 349,401 Total duties, taxes and other 328,808,439 — (6,962,217) 212,621 (504,023) (2,412,355) 1,038,374 — 320,180,839 Net income (loss) Ps. 261,241,123 (168,722,954) 16,572,432 20,905,292 36,071,448 100,412,051 47,506,559 (213,987,481) 99,998,470 Total current assets 915,532,623 296,527,986 251,070,455 31,935,985 208,042,447 1,548,257,534 101,716,681 (2,825,188,933) 527,894,778 Total non-current assets 886,317,756 502,433,210 160,667,832 32,675,568 104,756,605 431,460,970 407,146,635 (807,795,310) 1,717,663,266 Total current liabilities 519,212,766 1,078,322,279 79,817,063 10,287,103 163,897,630 1,856,611,334 46,619,334 (2,825,030,251) 929,737,258 Total long-term liabilities 1,968,555,771 614,563,455 75,200,326 4,153,387 513,730 1,891,640,785 42,864,055 (1,512,848,498) 3,084,643,011 Total equity (deficit) (685,918,158) (893,924,538) 256,720,899 50,171,062 148,387,691 (1,768,533,615) 419,379,927 704,894,507 (1,768,822,225) Depreciation and amortization of wells, pipelines, properties, plant and equipment 113,656,994 15,173,731 5,938,265 2,457,584 350,789 554,672 1,639,780 — 139,771,815 Depreciation of rights of use 390,857 3,845,374 539,608 — 694,369 402,661 90,909 — 5,963,778 Net periodic cost of employee benefits 36,284,710 52,521,311 8,387,099 — 8,504 32,090,167 42,021 — 129,333,812 Interest income (1) 190,684 399,495 61,685 110,031 56,852 10,107,959 288,783 — 11,215,489 Interest cost (2) (96,942) 4,083,467 532,791 1,362,760 2,978,799 129,328,297 1,338,907 — 139,528,079 (1) Included in financing income. (2) Included in financing cost. (3) Beginning January 20, 2022, DPRLP information is now included as a separate business segment. As of/for the year ended December 31, 2021 Exploration Industrial Logistics Trading Corporate Other Intersegment Total Sales: Trade 468,417,239 704,624,236 — 304,536,717 — 13,077,187 — 1,490,655,379 Intersegment 460,572,660 186,494,071 84,952,786 400,866,433 83,781,482 29,314,136 (1,245,981,568) — Services income 177,607 510,999 2,949,047 1,314,183 1,700 19,705 — 4,973,241 (Impairment) of wells, pipelines, properties, plant and equipment, net 34,562,831 (32,153,192) (3,161,108) (459,126) — — — (1,210,595) Cost of sales 461,811,648 984,150,631 56,139,574 690,088,452 939,331 38,237,316 (1,164,716,250) 1,066,650,702 Gross income (loss) 501,918,689 (124,674,517) 28,601,151 16,169,755 82,843,851 4,173,712 (81,265,318) 427,767,323 Distribution, transportation and sales expenses 308,466 16,967,684 121,109 1,349,800 (43,465) 155,920 (3,820,964) 15,038,550 Administrative expenses 68,609,035 55,094,836 18,926,235 2,102,321 77,099,162 6,014,313 (77,413,591) 150,432,311 Other revenue 8,374,912 4,547,927 238,613 649,315 3,152,076 637,623 — 17,600,466 Other expenses (48,624,108) (1,518,540) (363,276) (42,633) (166,638) (234,410) (19,491) (50,969,096) Operating income (loss) 392,751,992 (193,707,650) 9,429,144 13,324,316 8,773,592 (1,593,308) (50,254) 228,927,832 Financing income 74,733,941 294,144 6,285,126 389,888 168,666,374 234,490 (221,697,179) 28,906,784 Financing cost (143,814,194) (18,879,599) (308,502) (2,050,801) (220,409,508) (856,474) 221,747,431 (164,571,647) Derivative financial instruments (cost) income, net (21,076,343) (20,346) — (1,624,762) (2,502,792) — — (25,224,243) Foreign exchange (loss), net (33,902,009) (5,627,711) 99 (21,490) (5,185,616) (938,323) — (45,675,050) (Loss) profit sharing in joint ventures and associates (452,617) (1,900,487) (118) (423,658) (246,891,433) (10,206,963) 256,787,169 (3,088,107) (Impairment) of joint ventures — — — (6,703,324) — — — (6,703,324) Taxes, duties and other 308,139,256 — (68,168) 2,061,302 (3,017,215) 232,947 — 307,348,122 Net (loss) income (39,898,486) (219,841,649) 15,473,917 828,867 (294,532,168) (13,593,525) 256,787,167 (294,775,877) Total current assets 875,933,631 252,372,772 219,321,008 244,042,561 1,970,621,443 71,425,922 (3,175,323,293) 458,394,044 Total non-current assets 837,915,816 418,907,482 154,076,115 40,872,714 448,667,108 220,334,642 (527,069,750) 1,593,704,127 Total current liabilities 495,444,322 776,564,748 62,569,320 189,834,560 2,538,932,073 34,183,077 (3,174,879,770) 922,648,330 Total non-current liabilities 2,203,155,765 657,020,316 77,857,852 792,646 2,050,485,763 27,632,466 (1,717,494,184) 3,299,450,624 Equity (deficit), net (984,750,640) (762,304,810) 232,969,951 94,288,069 (2,170,129,285) 229,945,021 1,189,980,911 (2,170,000,783) Depreciation and amortization 108,323,352 16,271,506 5,867,292 266,764 926,413 1,776,038 — 133,431,365 Depreciation of rights of use 386,412 4,235,223 268,824 884,797 518,108 114,507 — 6,407,871 Net periodic cost of employee benefits 38,215,687 54,997,753 11,661,937 48,093 35,102,165 189,769 — 140,215,404 Interest income (1) 175,149 245,596 46,414 105,464 14,060,450 83,330 — 14,716,403 Interest cost (2) 2,643,655 4,924,651 267,546 1,839,455 141,368,154 669,607 — 151,713,068 (1) Included in financing income. (2) Included in financing cost. As of/for the year ended December 31, 2020 Exploration Industrial Logistics Trading Companies Corporate Other Intersegment Total Sales: Trade 301,393,451 479,244,968 — 159,786,736 — 8,521,205 — 948,946,360 Intersegment 242,454,754 97,728,702 80,575,471 280,924,383 78,459,074 19,992,520 (800,134,904) — Services income 133,315 191,667 4,099,000 229,140 2,582 59,780 — 4,715,484 (Impairment) reversal of wells, pipelines, properties, plant and equipment, net 35,031,541 (71,854,015) 426,560 42,214 — — — (36,353,700) Cost of sales 391,513,815 658,688,191 43,614,768 430,672,407 982,895 26,553,326 (719,410,712) 832,614,690 Gross income (loss) 187,499,246 (153,376,869) 41,486,263 10,310,066 77,478,761 2,020,179 (80,724,192) 84,693,454 Distribution, transportation and sales expenses 251,625 14,823,740 107,691 1,277,980 79,072 130,604 (4,234,470) 12,436,242 Administrative expenses 72,457,241 52,116,760 15,762,946 2,106,780 75,738,889 4,183,772 (76,471,944) 145,894,444 Other revenue 2,162,510 4,106,298 513,076 874,412 264,856 3,847,694 — 11,768,846 Other expenses (896,526) (124,722) (7,445) (86,960) (93,966) (19,624) 34,529 (1,194,714) Operating (loss) income 116,056,364 (216,335,793) 26,121,257 7,712,758 1,831,690 1,533,873 16,751 (63,063,100) Financing income 77,700,999 469,222 3,340,622 307,229 161,678,495 1,122,880 (227,877,399) 16,742,048 Financing cost (164,419,519) (12,166,577) (450,802) (812,552) (210,316,330) (1,460,106) 227,860,644 (161,765,242) Derivative financial instruments (cost) income, net 24,939,748 22,862 — (1,794,243) (6,072,226) — — 17,096,141 Foreign exchange (loss), net (116,528,387) (9,060,800) (442,139) (750,041) (1,778,916) (389,021) — (128,949,304) (Loss) profit sharing in joint ventures and associates (61,956) (1,016,062) 3,813 (1,931,323) (433,417,288) (8,294,278) 441,176,561 (3,540,533) Taxes, duties and other 154,609,136 — 4,842,171 3,413,999 20,804,231 1,902,538 — 185,572,075 Net (loss) income (216,921,887) (238,087,148) 23,730,580 (682,171) (508,878,806) (9,389,190) 441,176,557 (509,052,065) Depreciation and amortization 101,126,295 19,744,860 5,917,668 317,241 1,066,178 1,459,578 — 129,631,820 Depreciation of rights of use 313,008 4,715,238 460,957 992,148 644,836 103,044 — 7,229,231 Net periodic cost of employee benefits 35,356,366 51,845,677 8,927,651 (1,156) 32,646,614 33,388 — 128,808,540 Interest income (1) 61,001 469,019 38,972 80,245 12,483,256 307,731 — 13,440,224 Interest cost (2) 3,343,074 5,340,096 364,871 195,249 132,594,376 1,280,290 — 143,117,956 (1) Included in financing income. (2) Included in financing cost. Supplemental geographic information For the years ended December 31, 2022 2021 2020 Domestic sales: Domestic sales Ps. 1,192,714,214 Ps. 762,114,551 Ps. 503,712,031 Incentive for automotive fuels (see Notes 3-S and 7-E) 111,863,956 — — Total domestic sales 1,304,578,170 762,114,551 503,712,031 Export sales: United States 847,736,491 503,358,963 304,344,028 Canada, Central and South America 3,946,692 2,888,992 2,105,703 Europe 77,239,046 69,011,487 45,254,008 Other countries 144,502,560 153,281,386 93,530,590 Total export sales 1,073,424,789 728,540,828 445,234,329 Services income (1) 5,385,350 4,973,241 4,715,484 Total revenues Ps. 2,383,388,309 Ps. 1,495,628,620 Ps. 953,661,844 (1) Services income as of December 31, 2022, 2021 and 2020 represent approximately 85%, 99% and 97%, from domestic sales, respectively. As of December 31, 2022, PEMEX has Ps. 29,840,282 of significant long-lived assets outside of Mexico, related to the DPRLP segment (see Note 12-B). Revenue by product For the years ended December 31, 2022 2021 2020 Domestic sales: Refined petroleum products and derivatives (primarily gasolines) Ps. 1,155,023,948 Ps. 622,091,842 Ps. 409,240,569 Gas 123,754,373 113,103,547 79,176,837 Petrochemical products 25,799,849 26,919,162 15,294,625 Total domestic sales Ps. 1,304,578,170 Ps. 762,114,551 Ps. 503,712,031 Export sales: Crude oil Ps. 583,740,941 Ps. 468,219,964 Ps. 301,199,114 Refined petroleum products and derivatives (primarily gasolines) 445,703,884 172,389,717 107,391,773 Gas 17,429,517 76,144,006 32,192,334 Petrochemical products 26,550,447 11,787,141 4,451,108 Total export sales Ps. 1,073,424,789 Ps. 728,540,828 Ps. 445,234,329 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Revenue | REVENUE As of December 31, 2022, 2021 and 2020, the revenues were as follows: A. Revenue disaggregation For the year ended December 31, Exploration and Production Industrial Transformation (1) Logistics DPRLP (2) Trading Corporate Other Operating Total Geographical market 2022 United States Ps. 370,279,490 — — 238,940,945 237,373,418 — 1,573,151 848,167,004 Other 137,931,414 — — — 6,861,495 — 3,656,343 148,449,252 Europe 72,285,406 — — — 4,953,641 — — 77,239,047 Local 312,637 1,096,148,409 1,582,712 — 87,349,368 867 12,275,057 1,197,669,050 Incentive for automotive fuels (3) — 111,863,956 — — — — — 111,863,956 Total Ps. 580,808,947 1,208,012,365 1,582,712 238,940,945 336,537,922 867 17,504,551 2,383,388,309 2021 United States Ps. 258,726,545 — — — 240,012,752 — 4,619,666 503,358,963 Other 141,904,248 — — — 13,141,852 — 1,124,425 156,170,525 Europe 67,589,171 — — — 1,422,317 — — 69,011,488 Local 374,882 705,135,235 2,949,047 — 51,273,979 1,700 7,352,801 767,087,644 Total Ps. 468,594,846 705,135,235 2,949,047 — 305,850,900 1,700 13,096,892 1,495,628,620 2020 United States Ps. 171,640,991 — — — 131,653,920 — 1,049,117 304,344,028 Other 85,271,096 — — — 8,259,494 — 2,124,601 95,655,191 Europe 44,287,027 — — — 966,982 — — 45,254,009 Local 327,652 479,436,635 4,099,000 — 19,135,480 2,582 5,407,267 508,408,616 Total Ps. 301,526,766 479,436,635 4,099,000 — 160,015,876 2,582 8,580,985 953,661,844 Major products and services 2022 Crude oil Ps. 580,496,310 — — — 3,244,632 — — 583,740,942 Gas 226,289 122,981,393 — 12,419,661 104,994,293 — — 240,621,636 Refined petroleum products — 959,816,508 — 210,402,816 225,508,913 — — 1,395,728,237 Incentive for automotive fuels (3) — 111,863,956 — — — — — 111,863,956 Other — 12,254,413 — 15,687,956 617,009 — 17,488,810 46,048,188 Services 86,348 1,096,095 1,582,712 430,512 2,173,075 867 15,741 5,385,350 Total Ps. 580,808,947 1,208,012,365 1,582,712 238,940,945 336,537,922 867 17,504,551 2,383,388,309 2021 Crude oil Ps. 468,219,964 — — — — — — 468,219,964 Gas 197,275 112,906,272 — — 76,144,006 — — 189,247,553 Refined petroleum products — 572,490,831 — — 221,990,729 — — 794,481,560 Other — 19,227,133 — — 6,401,982 — 13,077,187 38,706,302 Services 177,607 510,999 2,949,047 — 1,314,183 1,700 19,705 4,973,241 Total Ps. 468,594,846 705,135,235 2,949,047 — 305,850,900 1,700 13,096,892 1,495,628,620 2020 Crude oil Ps. 301,199,114 — — — — — — 301,199,114 Gas 194,337 60,076,159 — — 51,098,675 — — 111,369,171 Refined petroleum products — 409,240,569 — — 107,391,773 — — 516,632,342 Other — 9,928,240 — — 1,296,288 — 8,521,205 19,745,733 Services 133,315 191,667 4,099,000 — 229,140 2,582 59,780 4,715,484 Total Ps. 301,526,766 479,436,635 4,099,000 — 160,015,876 2,582 8,580,985 953,661,844 Timing of revenue recognition 2022 Products transferred at a point in time Ps. 580,722,599 1,150,738,488 1,582,712 238,510,433 334,364,846 — 17,488,810 2,323,407,888 Products and services transferred over the time 86,348 57,273,877 — 430,512 2,173,076 867 15,741 59,980,421 Total Ps. 580,808,947 1,208,012,365 1,582,712 238,940,945 336,537,922 867 17,504,551 2,383,388,309 2021 Products transferred at a point in time Ps. 468,417,239 651,854,339 2,949,047 — 304,536,717 — 13,077,187 1,440,834,529 Products and services transferred over the time 177,607 53,280,896 — — 1,314,183 1,700 19,705 54,794,091 Total Ps. 468,594,846 705,135,235 2,949,047 — 305,850,900 1,700 13,096,892 1,495,628,620 2020 Products transferred at a point in time Ps. 301,526,766 479,244,968 4,099,000 — 159,786,736 — 8,521,205 953,178,675 Products and services transferred over the time — 191,667 — — 229,140 2,582 59,780 483,169 Total Ps. 301,526,766 479,436,635 4,099,000 — 160,015,876 2,582 8,580,985 953,661,844 (1) On January 1, 2021, Pemex Fertilizers was merged into Pemex Industrial Transformation. For comparison purposes all operations for periods prior to the merger are presented in the Pemex Industrial Transformation segment. (2) Beginning January 20, 2022 DPRLP information is now included as a separate business segment. (3) For more information on the incentive for automotive fuels, see Note 3-S and Note 7-E below. Nature, performance obligations and timing of revenue recognition- Revenue is measured based on the consideration specified in a contract with a customer. PEMEX recognizes revenue when it transfers control over a good or service to a customer. The following table provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms and the related revenue. Products / services Nature, performance obligations Timing of revenue recognition Crude oil sales Export sales of crude oil are based on delivery terms established in contracts or orders. All sales are performed by the Free on Board International commercial term (“FOB” Incoterm). Crude oil sale contracts consider possible customers’ claims due to product quality, volume or delays in boarding, which are estimated in the price of the transaction. For orders that have variations in price, revenue is adjusted on the closing date of each period. The subsequent variations in the fair value at the different reporting dates are recognized according to IFRS 9. The price of the product is determined based on a market components formula and the sale of crude oil. Revenue is recognized at a point in time when control of the crude oil has transferred to the customer, which occurs when the product is delivered at the point of shipping. Invoices are generated at that time and are mostly payable within the deadlines established in contracts or orders. Payments in respect of crude oil sold and delivered shall be made within 30 days after the date of the bill of lading therefor. For international market crude oil sales, revenue is recognized with a provisional price, which undergoes subsequent adjustments until the product has arrived at the port of destination. There may be a period of up to two months in determining the final sale price, such as in the case of sales to some regions. Revenue is measured initially estimating variables such as quality and volume claims, delays in boarding, etc. Sale of petroleum products For all petroleum products, there is only one performance obligation that includes transport and handling services to the point of delivery. The price is determined based on the price at the point of delivery, adding the price of the services rendered (freight, handling of jet fuel, etc.) with the provisions and terms established by the Comisión Reguladora de Energía (Energy Regulatory Commission or “CRE”). Revenue is recognized at a point in time when control is transferred to the customer, which occurs either at the point of shipping or when it is delivered at the customer’s facilities. Therefore, transportation fees can be included in the price of sale of the product and are considered part of a single performance obligation since transportation is rendered before control is transferred. Revenue is initially measured by estimating variables such as quality and volume claims, etc. Invoices are usually payable within 30 days. Sales of natural gas There is only one performance obligation that includes transport and handling services to the point of delivery. The transaction price is established at the time of sale, including the estimation of variable considerations such as capacity, penalties, adjustments for quality or volume claims, and incentives for the purchase of products; which are known days after the transaction. Such variable consideration is recognized to the extent that it is probable that it will not be reversed in a future period. Revenue is recognized at a point in time when control is transferred to the customer, which occurs when it is delivered at the customer’s facilities. Therefore, transportation fees can be included in the price of sale of the product and are considered part of a single performance obligation since transportation is rendered before control is transferred. Revenue initially is measured estimating variables as quality and volume claims, etc. Invoices are usually payable within 30 days. Services In cases where within the same service order there are transportation and storage services, there could exist more than one performance obligation, depending on the term of the service. When there is a performance obligation, the price is not distributed, but if it is considered that there is more than one performance obligation, the price of the transaction is considered based on the prices established in the service orders and which also include penalties such as quality and volume claims. Income is recognized over time as the service is rendered. Invoices are usually payable within 22 days. Other products There is only one performance obligation that includes transportation for delivery to destination. The sale and delivery of the product are made at the same time and because they are FOB, transportation fees are included in the price of sale of the product. The transaction price is established at the time of sale, including the estimation of variable considerations such as capacity, penalties, extraordinary sales not included in contracts, adjustments for quality or volume claims, and incentives for the purchase of products; which are known days after the transaction. The price of the product is estimated on the date of sale and considers variables such as quality and volume claims, etc. Invoices are usually payable within 30 days. B. Accounts receivable in the statement of financial position As of December 31, 2022 and 2021, PEMEX had accounts receivable derived from customer contracts in the amounts of Ps. 107,117,145 and Ps. 101,259,081, respectively (see Note 10). As of December 31, 2022 and 2021, advance of customers was Ps. 39,465,014 and Ps. 7,495,198, respectively of which Ps. 4,530,614 and Ps. 7,623,880, respectively, were recognized as revenue. C. Practical expedients i. Significant financial component, less than one year PEMEX does not need to adjust the amount committed in consideration for goods and services to account for the effects of a significant financing component, since the transfer and the time of payment of a good or service committed to the customer is less than one year. ii. Practical expedient PEMEX applied the practical expedient, so disclosure about remaining performance obligations that conclude in less than one year is not needed. When PEMEX is entitled to consideration for an amount that directly corresponds to the value of the performance that PEMEX has completed, it may recognize an income from ordinary activities for the amount to which it has the right to invoice. D. Notable External Events i. COVID-19 pandemic impacts In 2020, the effects of the COVID-19 pandemic led to a worldwide economic slowdown, and a resulting decrease in global demand for crude oil and derivatives. In addition, on March 6, 2020, the Organization of the Petroleum Exporting Countries (“OPEC”), led by Saudi Arabia, Russia and other groups of petroleum producers, did not come to an agreement to reduce crude oil production in order to support crude oil prices, which resulted in a significant drop in global crude oil prices. On April 20, 2020, the Mexican crude oil export price reached an unprecedented low of negative U.S.$ 2.37 per barrel. This drastic drop in price was due to low oil demand as a result of COVID-19 and the lack of oil storage. Principally as a result of these factors, PEMEX's total sales decreased by 32% during 2020 as compared to 2019. During 2021, 2022 and as of the date of these Consolidated Financial Statements, all of PEMEX’s operations have continued without interruptions related to COVID-19. During 2021 and 2022, international crude oil and natural gas prices have remained volatile but largely recovered, primarily due to geopolitical events unrelated to COVID-19, reducing possible adverse effects on PEMEX’s results of operation and financial situation. The extent to which COVID-19 or other health pandemics or epidemics may continue to impact Mexico, the Mexican economy and the global economy and, in turn, PEMEX's business, results of operations and financial condition is highly uncertain and will depend on numerous evolving factors that cannot be predicted. ii. Russian activities in Ukraine and the related destabilization of the world energy markets As a result of the ongoing military conflict involving Russia and Ukraine, the prices of oil and natural gas remain extremely volatile. PEMEX’s revenues and profitability are heavily dependent on the prices it receives from sales of oil and natural gas. Oil prices are particularly sensitive to actual and perceived threats to global political stability and to changes in production from OPEC and OPEC+ member states and other oil-producing nations. Destabilization of global oil and gas prices could reduce PEMEX’s sales and adversely affect PEMEX’s results and profitability. Increases in oil and gas prices may not persist and could be followed by price decreases based on factors beyond our control, including geopolitical event. During 2022, the price of the Mexican crude oil export mix increased by U.S.$22.56 or 34.3%, from U.S.$65.85 per barrel in 2021 to U.S.$88.41 per barrel in 2022, which was reflected in the increase in the value of PEMEX’s revenues. Total revenues increased by 59.4% or Ps. 887,759,689 in 2022, from Ps. 1,495,628,620 in 2021 to Ps. 2,383,388,309 in 2022, mainly due to increases in the sales prices of gasoline, diesel, fuel oil, jet fuel, natural gas and natural gas liquids. E . The Automotive Incentive On March 4, 2022, the Mexican Government published a decree in the Official Gazette of the Federation establishing a tax incentive pursuant to which PEMEX can recover the difference between the international reference price of gasoline and the price at which the gasoline is traded in the domestic market, effective until December 31, 2024. For the twelve-month period ended December 31, 2022, this complementary incentive amounted Ps. 111,863,956, which is included as a separate line item in total sales in the Statement of Comprehensive Income (see Note 3-S). |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS A. Accounting classifications and fair values of financial instruments- The following tables present information about PEMEX’s carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy, as of December 31, 2022, and 2021. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. Additionally, as of December 31, 2022, and 2021, the disclosure of the fair value for the lease obligations is not required. Carrying amount Fair value hierarchy As of December 31, 2022 FVTPL FVOCI – FVOCI – Financial Other financial Total carrying Level 1 Level 2 Level 3 Total Financial assets measured at fair value Derivative financial instruments 12,755,568 — — — — 12,755,568 — 12,755,568 — 12,755,568 Equity instruments (1) — — 370,317 — — 370,317 — 370,317 — 370,317 Total 12,755,568 — 370,317 — — 13,125,885 Financial assets not measured at fair value Cash and cash equivalents — — — 64,414,511 — 64,414,511 — — — — Customers — — — 107,117,145 — 107,117,145 — — — — Officials and employees — — — 4,965,645 — 4,965,645 — — — — Sundry debtors — — — 40,074,758 — 40,074,758 — — — — Investments in joint ventures and associates — — — 2,043,966 — 2,043,966 — — — — Notes receivable — — — 1,334,126 — 1,334,126 — — — — Mexican Government Bonds — — — 110,179,517 — 110,179,517 108,062,414 — — 108,062,414 Other assets — — — 4,602,021 — 4,602,021 — — — — Total — — — 334,731,689 — 334,731,689 Financial liabilities measured at fair value Derivative financial instruments (22,242,056) — — — — (22,242,056) — (22,242,056) — (22,242,056) Total (22,242,056) — — — — (22,242,056) Financial liabilities not measured at fair value Suppliers — — — — (282,245,250) (282,245,250) — — — — Accounts and accrued expenses payable — — — — (81,808,426) (81,808,426) — — — — Leases — — — — (51,131,575) (51,131,575) — — — — Debt — — — — (2,091,463,996) (2,091,463,996) — (1,853,421,785) — (1,853,421,785) Total — — — — (2,506,649,247) (2,506,649,247) (1) Refers to the participation in TAG Pipelines Sur, S. de R.L. de C.V. Carrying amount Fair value hierarchy As of December 31, 2021 FVTPL FVOCI – FVOCI – Financial Other financial Total carrying Level 1 Level 2 Level 3 Total Financial assets measured at fair value Derivative financial instruments 12,473,967 — — — — 12,473,967 — 12,473,967 — 12,473,967 Equity instruments (1) — — 448,949 — — 448,949 — 448,949 — 448,949 Total 12,473,967 — 448,949 — — 12,922,916 Financial assets not measured at fair value Cash and cash equivalents — — — 76,506,447 — 76,506,447 — — — — Customers — — — 101,259,081 — 101,259,081 — — — — Officials and employees — — — 3,752,693 — 3,752,693 — — — — Sundry debtors — — — 37,034,460 — 37,034,460 — — — — Investments in joint ventures and associates — — — 2,254,952 — 2,254,952 — — — — Notes receivable — — — 1,646,290 — 1,646,290 — — — — Mexican Government Bonds — — — 110,855,356 — 110,855,356 109,124,514 — — 109,124,514 Other assets — — — 4,537,481 — 4,537,481 — — — — Total — — — 337,846,759 — 337,846,759 Financial liabilities measured at fair value Derivative financial instruments (13,636,086) — — — — (13,636,086) — (13,636,086) — (13,636,086) Total (13,636,086) — — — — (13,636,086) Financial liabilities not measured at fair value Suppliers — — — — (264,056,358) (264,056,358) — — — — Accounts and accrued expenses payable — — — — (32,015,808) (32,015,808) — — — — Leases — — — — (59,351,648) (59,351,648) — — — — Debt — — — — (2,249,695,894) (2,249,695,894) — (2,211,701,630) — (2,211,701,630) Total — — — — (2,605,119,708) (2,605,119,708) (1) Refers to the participation in TAG Pipelines Sur, S. de R.L. de C.V. As of December 31, 2022 and 2021, PEMEX has monetary assets and liabilities denominated in foreign currency as indicated below: As of December 31, 2022 Foreign currency Assets Liabilities Net position Exchange Equivalent to U.S. dollar 10,362,175 111,567,112 (101,204,937) 19.4143 Ps. (1,964,823,008) Euro 2,464 10,143,850 (10,141,386) 20.7083 (210,010,864) Pounds sterling 4,467 450,285 (445,818) 23.3496 (10,409,672) Japanese yen — 110,180,315 (110,180,315) 0.1470 (16,196,506) Swiss francs — 365,554 (365,554) 20.9791 (7,668,994) Total Ps. (2,209,109,044) As of December 31, 2021 Foreign currency Assets Liabilities Net position Exchange Equivalent to U.S. dollar 14,268,352 97,614,622 (83,346,270) 20.5835 Ps. (1,715,557,949) Euro 741,098 11,735,899 (10,994,801) 23.4086 (257,372,899) Pounds sterling 2,085 469,032 (466,947) 27.8834 (13,020,070) Japanese yen — 110,178,061 (110,178,061) 0.1789 (19,710,855) Swiss francs — 365,348 (365,348) 22.5924 (8,254,088) Total Ps. (2,013,915,861) Debt is valued and registered at amortized cost and the fair value of debt is estimated using quotes from major market sources which are then adjusted internally using standard market pricing models. As a result of relevant assumptions, the estimated fair value does not necessarily represent the actual terms at which existing transactions could be liquidated or unwound. The information related to “Cash and cash equivalents”, “Customers and other accounts receivable”, “Investments in joint ventures and associates”, “Promissory notes issue, government bonds, long-term notes receivable and other assets”, “Debt”, “Leases” and “Derivative financial instruments” is described in the following notes, respectively: • Note 9, Cash and cash equivalents. • Note 10, Customers and other financing and non-financing accounts receivable. • Note 12, Investments in joint ventures and associates. • Note 15, Promissory notes issue, government bonds, long-term notes receivable, government bonds and other assets. • Note 16, Debt. • Note 17, Leases. • Note 18, Derivative financial instruments. B. Fair value hierarchy PEMEX values the fair value of its financial instruments under standard methodologies commonly applied in the financial markets. PEMEX’s related assumptions and inputs therefore fall under the three Levels of the fair value hierarchy for market participant assumptions, as described below. The fair values determined by Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs are based on quoted prices for similar assets or liabilities in active markets, and inputs other than quoted prices that are observed for assets or liabilities. Level 3 inputs are unobservable inputs for the assets or liabilities, and include situations where there is little, if any, market activity for the assets or liabilities. Management uses appropriate valuation techniques based on the available inputs to measure the fair values of PEMEX’s applicable financial assets and financial liabilities. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS As of December 31, 2022 and 2021, cash and cash equivalents were as follows: 2022 2021 Cash on hand and in banks (1)(2) Ps. 41,316,304 Ps. 41,520,864 Highly liquid investments (3) Ps. 23,098,207 Ps. 34,985,583 Total of cash and cash equivalents Ps. 64,414,511 Ps. 76,506,447 (1) Cash on hand and in banks is primarily composed of cash in banks. (2) As of December 31, 2021, includes Ps. 15,461,286 in cash allocated to the retirement plan of benefits to employees. These resources are obtained from the collection of Government Bonds that will be transferred exclusively to the Fideicomiso Fondo Laboral Pemex (“Pemex Labor Fund” or “FOLAPE”) for the payment of obligations related to pensions and retirement plans. |
Customers and Other Financing a
Customers and Other Financing and Non-Financing Accounts Receivable | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Customers and Other Financing and Non-Financing Accounts Receivable | CUSTOMERS AND OTHER FINANCING AND NON-FINANCING ACCOUNTS RECEIVABLE As of December 31, 2022 and 2021, accounts receivable and other receivables were as follows: A. Customers 2022 2021 Domestic customers, net Ps. 69,979,713 Ps. 54,031,475 Export customers, net 37,137,432 47,227,606 Total customers, net Ps. 107,117,145 Ps. 101,259,081 Customers and other accounts receivable are presented separately in the statement of financial position to conform the financial position more clearly. The following table shows a breakdown of accounts receivable based on their credit history at December 31, 2022 and 2021, as well as the relation between the breakdown and the impaired amount: Domestic customers 2022 2021 Current Ps. 68,957,994 Ps. 53,653,649 1 to 30 days 1,386,538 876,782 31 to 60 days 876,493 384,335 61 to 90 days 527,907 46,924 More than 90 days 3,868,537 2,528,848 Total 75,617,469 57,490,538 Impaired (reserved) (5,637,756) (3,459,063) Total Ps. 69,979,713 Ps. 54,031,475 Export customers 2022 2021 Current Ps. 34,697,823 Ps. 41,549,673 1 to 30 days 1,186,553 4,980,175 31 to 60 days 15,010 12,227 61 to 90 days 6,117 47,016 More than 90 days 1,422,708 921,432 Total 37,328,211 47,510,523 Impaired (reserved) (190,779) (282,917) Total Ps. 37,137,432 Ps. 47,227,606 As of December 31, 2022 and 2021, PEMEX has exposure to credit risk related to accounts receivable, see contractual payment terms in Note 7. Additionally, the reconciliation for impaired accounts receivable is as follows: Domestic customers 2022 2021 2020 Balance at the beginning of the year Ps. (3,459,063) Ps. (1,182,729) Ps. (1,100,186) Impairment of accounts receivable (2,178,693) (2,276,334) (82,543) Balance at the end of the year Ps. (5,637,756) Ps. (3,459,063) Ps. (1,182,729) Export customers 2022 2021 2020 Balance at the beginning of the year Ps. (282,917) Ps. (211,363) Ps. (182,823) (Increase) cancellation 143,689 (72,761) (20,353) Translation effects (51,551) 1,207 (8,187) Balance at the end of the year Ps. (190,779) Ps. (282,917) Ps. (211,363) Methodology to determine the estimation of the impairment of the accounts receivable PEMEX allocates each exposure to a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to, audited financial statements, management accounts and cash flow projections and available information about customers) and applying experienced credit judgment. Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default. Exposures within each credit risk grade are segmented by each Subsidiary Entity and its commercial business lines, so the expected credit loss rate is calculated for each segment based on actual credit loss experienced over the past two years. These rates are multiplied by scale factors to reflect differences between the economic conditions during the period over which historical data has been collected, current conditions and PEMEX’s view of economic conditions over the expected lives of the receivables. As of December 31, 2022, the expected percentage of credit loss for accounts receivable for each Subsidiary Entity and Subsidiary Company was: 7.36% for Pemex Industrial Transformation, 3.87% for Pemex Corporate, 0.88% for Pemex Logistics, 0.16% for PMI CIM and 0.13% for PMI TRD. As of December 31, 2021, the expected percentage of credit loss for accounts receivable for each Subsidiary Entity and Subsidiary Company was: 5.09% for Pemex Industrial Transformation, 2.99% for Pemex Corporate, 0.58% for Pemex Logistics, 0.01% for PMI CIM and 0.80% for PMI TRD. The amount of (impairment) of domestic and export customers recognized in the statement of comprehensive income for 2022, 2021 and 2020 was Ps. (2,035,004), Ps. (2,349,095) and Ps. (102,896), respectively. B. Other financial and non-financial accounts receivable 2022 2021 Financial assets: Sundry debtors (1) Ps. 40,074,758 Ps. 37,034,460 Employees and officers 4,965,645 3,752,693 Total financial assets Ps. 45,040,403 Ps. 40,787,153 Non-financial assets: Taxes to be recovered and prepaid taxes Ps. 44,597,094 Ps. 80,581,955 Special Tax on Production and Services 75,213,134 53,176,800 Other accounts receivable 2,911,791 2,591,360 Total non-financial assets: Ps. 122,722,019 Ps. 136,350,115 (1) Includes Ps. (251,086) and Ps. (210,672) of impairment, as of December 31, 2022 and 2021, respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of inventories [abstract] | |
Inventories | INVENTORIES As of December 31, 2022 and 2021, inventories were as follows: 2022 2021 Refined and petrochemicals products Ps. 60,838,241 Ps. 40,359,715 Products in transit 25,345,696 21,614,227 Crude oil 32,971,427 18,540,376 Materials and products in stock 6,171,040 5,036,587 Materials in transit 393,964 313,899 Gas and condensate products 298,029 248,338 Ps. 126,018,397 Ps. 86,113,142 Ps. 1,115,363,647, Ps. 500,000,961 and Ps. 315,288,507 of PEMEX’s inventories were recognized as cost of sales as of December 31, 2022, 2021 and 2020, respectively. |
Investments in Joint Ventures a
Investments in Joint Ventures and Associates | 12 Months Ended |
Dec. 31, 2022 | |
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract] | |
Investments in Joint Ventures and Associates | INVESTMENTS IN JOINT VENTURES AND ASSOCIATES A. The investments in joint ventures and associates as of December 31, 2022 and 2021 were as follows: Percentage December 31, 2022 2021 Deer Park Refining Limited (1) 49.995% Ps. — Ps. 6,703,324 Sierrita Gas Pipeline LLC 35.00% 1,051,626 1,187,170 Frontera Brownsville, LLC. 50.00% 410,097 456,503 Texas Frontera, LLC. 50.00% 185,967 195,814 CH 4 Energía, S. A. de C.V. 50.00% 170,188 174,321 Administración Portuaria Integral de Dos Bocas, S. A. de C.V. 40.00% 91,537 110,344 Other, net Various 134,551 130,800 Total 2,043,966 8,958,276 (Impairment) in joint venture DPRLP (2) — (6,703,324) Total Ps. 2,043,966 Ps. 2,254,952 (1) As of December 31, 2021, PEMEX owned 49.995% interest in DPRLP, accordingly DPRLP was recognized through the equity method in the financial statements of PEMEX. As of December 31, 2022, PEMEX owns 100.00% interest in DPRLP and has control of the company. Accordingly, DPRLP is consolidated in the financial statements of PEMEX (see Note 12-B Acquisition of the joint venture ). (2) As of December 31, 2021, the investment in Deer Park was totally impaired (see Note 12-B). Profit (loss) sharing in joint ventures and associates: December 31, 2022 2021 2020 Deer Park Refining Limited (1)(2) Ps. — Ps. (3,374,314) Ps. (4,056,037) Administración Portuaria Integral de Dos Bocas, S.A. de C.V. (18,807) (97,809) 42,782 Sierrita Gas Pipeline LLC 188,329 200,260 182,805 Frontera Brownsville, LLC. 18,632 34,670 55,738 CH4 Energía S.A. de C.V. 39,367 32,983 21,224 Texas Frontera, LLC. 19,321 20,892 34,486 Other, net 102,559 95,211 178,469 Profit (loss) sharing in joint ventures and associates, net Ps. 349,401 Ps. (3,088,107) Ps. (3,540,533) (1) As of December 31, 2021, PEMEX recognized an impairment in Deer Park of Ps. (6,703,324) (see Note 12-B) . (2) DPRLP's activity before business combination was recognized as a commission fee between the joint venture parties and now, the core business activity is the sale of refined products to third parties. The following tables show condensed financial information of major investments recognized under the equity method as of December 31, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020: i. Joint venture Condensed statements of financial position Deer Park Refining Limited December 31, 2021 (1) Cash and cash equivalents Ps. 16,961 Other current assets 2,747,712 Current assets 2,764,673 Non-current assets 43,991,962 Total assets 46,756,635 Current financial liabilities 20,056,315 Other current liabilities 1,040,825 Current liabilities 21,097,140 Non-current financial liabilities 11,000,707 Other liabilities 1,250,799 Non-current liabilities 12,251,506 Total liabilities 33,348,646 Total equity 13,407,989 Total liabilities and equity Ps. 46,756,635 (1) Joint venture until January 2022 (see Note 12-B). Condensed statements of comprehensive income Deer Park Refining Limited December 31, 2021 (1) 2020 (2) Sales and other income Ps. 10,706,417 Ps. 8,114,474 Costs and expenses 12,539,324 10,770,248 Depreciation and amortization 4,223,056 4,776,575 Interest paid 684,673 674,504 Income tax 8,660 6,028 Net result Ps. (6,749,296) Ps. (8,112,881) (1) The net loss was due unexpected repairs in the main distillation and coking unit of the refinery and heavy snowfalls in the Texas area, which caused a decrease in the processing of crude oil in refined products. (2) The net loss in 2020, was the result of the economic slowdown and the decline in consumption of refined products caused by COVID-19. ii. Associates Condensed statements of financial position Sierrita Gas Pipeline, LLC December 31, 2022 2021 Current assets Ps. 144,229 Ps. 134,266 Non-current assets 2,992,861 3,354,987 Total assets 3,137,090 3,489,253 Current liabilities 132,444 97,339 Total liabilities 132,444 97,339 Total equity 3,004,646 3,391,914 Total liabilities and equity Ps. 3,137,090 Ps. 3,489,253 Condensed statements of comprehensive income Sierrita Gas Pipeline, LLC December 31, 2022 2021 2020 Sales and other income Ps. 949,075 Ps. 957,549 Ps. 942,024 Costs and expenses 410,993 385,376 419,729 Net result Ps. 538,082 Ps. 572,173 Ps. 522,295 B. Additional information about the significant investments in joint ventures and associates is presented below: Joint venture • Deer Park . On March 31, 1993, PMI NASA acquired 49.995% of the Deer Park Refinery. In its capacity as general partner of DPRLP, Shell was responsible for the operation and management of the Deer Park Refinery (installed capacity of approximately 340,000 barrels per day of crude oil). Management decisions were made jointly with respect to investment in or disposal of assets, distribution of dividends, indebtedness and equity operations. In accordance with the investment contract and the operation of the agreement, the participants had the rights to the net assets in the proportion of their participation. This joint venture was recorded under the equity method. The investment in Deer Park as of December 31, 2021 was Ps. 6,703,324, which represented PMI NASA’s 49.995% interest in Deer Park (see subsection A.). COVID-19 negatively impacted the energy industry due to mobility restrictions and stoppages in several industries. For the Deer Park Refinery these impacts were observed in the reduction in refining margins due to lower demand in fuels. Therefore, at the beginning of 2021, Deer Park’s partners decided to support the refinery financially, given problems with liquidity toward the end of 2020. The support from Deer Park’s partners allowed us to continue the operation of the refinery. During 2021, there were three material impacts on the results: a. Low refining margins due to lower international demand as a result of the COVID-19 pandemic. b. Winter Storm Suspension. In February 2021, industries within the Texas area were affected by heavy snowfall. For the Deer Park Refinery, this scenario resulted in a total emergency stoppage and the activities resumed by the last week of March 2021. However, repair activities were required and were completed in November 2021. c. As established under the Renewable Fuel Standard Program of the Environmental Protection Agency of the United States of America, we are required to blend renewable products for transportation fuels, which led to an increase in renewable blending cost obligations from a higher price of “ Renewal Identification Numbers”. Acquisition of the joint venture See accounting policy in Note 3-A(i) (Business combinations) and (v) (Interests in equity-accounted investees) of PEMEX’s annual consolidated financial statements as of and for the year ended December 31, 2022. As a result of the above mentioned, indications of impairment were identified, and at the end of 2021, impairment tests were carried out on the amount of the investment recognized in Deer Park, and the result was the recognition of a total impairment in the book value of the investment as of December 31, 2021 of Ps. 6,703,324, which is presented as a separate line item in the statement of comprehensive income. In this observable transaction the value of the debt was agreed up to U.S.$1,192,000 as the fair value of the 100% of the interest in Deer Park, i.e., U.S.$596,000, equivalent to 50.005% of the interest. On January 20, 2022, PMI SUS acquired the remaining 50.005% of participation and voting interest in Deer Park through a purchase agreement with Shell. Through this operation, PEMEX indirectly acquired control over Deer Park. As a result of the acquisition, this company is now consolidated in PEMEX’s financial statements. Beginning January 20, 2022, DPRLP’s business model changed from a company that obtained revenues from services for processing crude oil to a company that buys and processes crude oil and sells gasolines and distillates. Deer Park is a limited partnership under the laws of Delaware, with operations in Deer Park, Texas. The purpose of the acquisition is to strengthen and increase the refining capacity under PEMEX’s control. PEMEX has begun shipping products to Mexico from the refinery to strengthen the fuels supply. Prior to the acquisition, the participation in Deer Park was recognized as a joint venture. As a result, the participation was recognized in PEMEX’s consolidated financial statements using the equity method. On November 3, 2021, the Board of Directors authorized PEMEX’s capitalization of HHS and HPE up to the amount received from the Fondo Nacional de Infraestructura (National Infrastructure Fund or “FONADIN”) as a non-recoverable contribution to enable HHS and HPE, in turn, to capitalize PMI NASA and PMI SUS. These capitalizations were used to meet financial commitments arising out of the acquisition of Shell’s interest in Deer Park. During January 2022, the amount received and recorded from the FONADIN totaled Ps. 23,000,000 (U.S.$1,127,285). In addition, PEMEX entered into a borrowing of Ps. 8,974,406 (U.S.$436,000) due in one year. In recognition of this transaction, PEMEX is applying the purchase method in accordance with International Financial Reporting Standard (IFRS) 3 “Business Combinations”, accounting for the transaction as a business combination achieved in stages. The acquiree company included in the identifiable assets at the date of acquisition of DPRLP are inputs (mainly Properties, Plant and Equipment and inventories), production processes and workforce. PEMEX has determined that together the acquired inputs and processes significantly contribute to the ability to generate revenue. PEMEX has concluded that the acquired set is a business. Consideration transferred PEMEX’s purchase of control of Deer Park, through the 50.005% interest owned by Shell, included the following: Cash paid to Shell Ps. 8,597,743 U.S.$ 421,396 Payment of debt to third parties 18,289,066 896,391 Payment of DPRLP’s debt to company partners 3,496,054 171,350 Total consideration paid in cash Ps. 30,382,863 U.S.$ 1,489,137 Settlement of pre-existing relationship 6,663,803 326,609 Total consideration paid in cash and settlement of pre-existing relationship Ps. 37,046,666 U.S.$ 1,815,746 The settlement of the pre-existing relationship includes the payment of 100% of PMI NASA’s Partners Loan (Ps. 1,227,383 or U.S.$60,157 with cash and Ps. 5,436,420 or U.S.$266,452 with equity) which Deer Park used for operative purposes, and which consisted of a principal of Ps. 6,630,975 (U.S.$325,000) and interest of Ps. 32,828 (U.S.$1,609). With this settlement, the account receivable registered on PMI NASA’s books was capitalized. As the book value of this item was equal to its fair value and there were no cancellation clauses, no effects were recognized in the profit or loss of the period. Acquisition-related costs Acquisition-related costs for the 50.005% interest in Deer Park totaled Ps. 145,937 (U.S.$7,091) recognized in the administrative expenses line item in the profit or loss for the applicable period. Identifiable assets acquired and liabilities assumed. The following table summarizes the fair value of the identifiable assets acquired, including the recognized value of the PEMEX interest prior to the purchase. Cash and cash equivalents Ps. 1,597,759 U.S.$ 78,310 Inventories 6,918,473 339,091 Other current assets 131,661 6,453 Total current Assets Ps. 8,647,893 U.S.$ 423,854 Property, Plant and Equipment 29,669,961 1,454,196 Total identifiable net assets acquired Ps. 38,317,854 U.S.$ 1,878,050 PEMEX carried out the valuation of the fair value of the business acquired under the market approach since it has information on an observable transaction between independent parties, is duly informed and is in a free competition market. At the acquisition date, considering the amount of the value of the net assets and the consideration transferred, a gain at a bargain purchase was determined as follows: Total consideration transferred Ps. 37,046,666 U.S.$ 1,815,746 Fair value of the identifiable net assets acquired (38,317,854) (1,878,050) Gain on bargain purchase Ps. (1,271,188) U.S.$ (62,304) There was not any gain or loss in the previously held interest because the book value and the fair value of these items was zero at the acquisition date. The technique used for the measuring of the fair value of the previous held interest was the adjusted book value method. The gain on bargain purchase was recognized in other income line item in the profit or loss of the period. The gain of U.S.$62,304 (Ps. 1,271,188) was due to closing adjustments consisting of Shell’s assumption of DPRLP’s accrued expenses and taxes and the pro-rated cash. From the acquisition date to December 31, 2022, DPRLP contributed Ps. 238,940,945 to PEMEX’s total revenues and Ps. 20,905,292, to PEMEX’s total income for the period. As of December 31, 2022, PEMEX recognized Ps. (10,383,296) of currency translation effects from the investment in DPRLP into other income, as a result of derecognizing the equity method. Associates • Sierrita Gas Pipeline LLC. This company was created on June 24, 2013. Its main activity is the developing of projects related to the transportation infrastructure of gas in the United States. This investment is recorded under the equity method. • Frontera Brownsville, LLC . Effective April 1, 2011, PMI SUS entered into a joint venture with TransMontaigne Operating Company L.P (TransMontaigne) to create Frontera Brownsville, LLC. Frontera Brownsville, LLC was incorporated in Delaware, United States, and has the corporate power to own and operate certain facilities for the storage and treatment of clean petroleum products. This investment is recorded under the equity method. • Texas Frontera, LLC . This company was constituted on July 27, 2010, and its principal activity is the lease of tanks for the storage of refined product. PMI SUS, which owns 50% interest in Texas Frontera, entered into a joint venture with Magellan OLP, L.P. (Magellan), and together they are entitled to the results in proportion of their respective investment. The company has seven tanks with a capacity of 120,000 barrels per tank. This joint venture is recorded under the equity method. • CH4 Energía, S.A. de C.V. This company was constituted on December 21, 2000. CH4 Energía engages in the purchase and sale of natural gas and in activities related to the trading of natural gas, such as transport and distribution in Valle de Toluca, México. This joint venture is recorded under the equity method. • Administración Portuaria Integral de Dos Bocas, S.A. de C.V. |
Wells, Pipelines, Properties, P
Wells, Pipelines, Properties, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Wells, Pipelines, Properties, Plant and Equipment, Net | WELLS, PIPELINES, PROPERTIES, PLANT AND EQUIPMENT, NET As of December 31, 2022 and 2021, wells, pipelines, properties, plant and equipment, net, is presented as follows: Plants Drilling Pipelines Wells Buildings Offshore Furniture and Transportation Construction in progress (1) Land Unproductive Total fixed assets Investment Balances as of January 1, 2020 811,705,022 13,492,631 481,791,665 1,387,228,249 60,311,739 354,353,029 48,829,010 16,829,532 161,870,424 44,225,819 — 3,380,637,120 Acquisitions 16,202,848 57,182 4,008,698 31,584,832 287,710 4,630,358 974,167 326,998 122,214,783 57,092 — 180,344,668 Reclassifications 3,218,834 — (507,065) 64,049 115 (2,931,778) 2,049 130,971 127,142 276,866 524,679 905,862 Impairment presentation (2) 113,522,135 (1,217) 24,292,290 121,070,386 9,817,972 67,305,005 (328,799) 6,303,440 36,777,946 — — 378,759,158 Capitalization 8,292,881 — 3,923,149 43,076,120 294,044 4,659,693 152,540 5,235,745 (65,840,388) 206,216 — — Disposals (1,455,531) — (18,032,858) (95,061,066) — (12,131,094) (318,412) (292,249) (1,714,397) — (524,679) (129,530,286) Balances as of December 31, 2021 Ps. 951,486,189 13,548,596 495,475,879 1,487,962,570 70,711,580 415,885,213 49,310,555 28,534,437 253,435,510 44,765,993 — 3,811,116,522 Acquisitions (3) 40,285,196 1,541,647 5,773,938 32,895,095 1,011,404 3,070,302 1,625,384 5,174,068 256,362,994 8,494,138 356,234,166 Reclassifications 44,338,725 — 2,137,001 1,972,298 410,847 2,859,195 (2,483,052) (4,580,377) 4,805,227 — — 49,459,864 Capitalization 30,301,243 — 13,363,116 71,078,360 2,330,895 3,353,495 3,449,069 1,136,196 (125,429,126) 416,752 — Disposals (6,351,833) (249,248) (22,967,437) (7,500,609) (71,787) (4,804,995) (560,452) (706,237) (3,646,240) (402,694) — (47,261,532) Translation effect (6,222,641) — (98,865) — (527,227) — (531,847) (260,670) (11,502,781) (148,894) — (19,292,925) Balances as of December 31, 2022 Ps. 1,053,836,879 14,840,995 493,683,632 1,586,407,714 73,865,712 420,363,210 50,809,657 29,297,417 374,025,584 53,125,295 — 4,150,256,095 Accumulated depreciation and amortization Balances as of January 1, 2021 (520,582,198) (5,902,442) (200,976,329) (1,081,366,803) (39,893,540) (204,238,464) (43,336,870) (8,210,953) — — — (2,104,507,599) Depreciation and amortization (39,126,110) (395,756) (16,731,217) (56,070,192) (1,846,486) (16,627,864) (2,008,187) (625,553) — — — (133,431,365) Reclassifications (4,541,518) 15,413 (90,202) (89,082) 5,701,953 51,568 59,141 103,085 (2,116,220) — — (905,862) Impairment presentation (2) (113,522,135) 1,217 (24,292,290) (121,070,386) (9,817,972) (67,305,005) 328,799 (6,303,440) (36,777,946) — — (378,759,158) (Impairment) (43,670,755) — (25,193,511) (62,151,433) — (5,503,546) — (108,749) (21,233,314) — — (157,861,308) Reversal of impairment 38,499,016 — 23,545,676 72,569,176 — 20,727,844 — — 1,309,001 — — 156,650,713 Disposals 453,965 — 7,300,538 65,307,692 — 8,820,911 261,910 85,648 — — — 82,230,664 Balances as of December 31, 2021 Ps. (682,489,735) (6,281,568) (236,437,335) (1,182,871,028) (45,856,045) (264,074,556) (44,695,207) (15,059,962) (58,818,479) — — (2,536,583,915) Depreciation and amortization (37,384,421) (547,660) (15,409,615) (65,167,740) (1,830,509) (15,680,102) (2,852,884) (898,884) — — — (139,771,815) Reclassifications (42,182,309) — (2,841,608) (760,459) (410,767) (3,870,692) 734,738 (150,676) 21,909 — — (49,459,864) (Impairment) (108,615,658) — (31,883,718) (41,479,729) (23,573) (33,606,850) (18,121) (4,244) (1,937,358) — — (217,569,251) Reversal of impairment 73,048,067 — 11,943,309 25,541,788 — 20,099,267 — — 3,398,799 — — 134,031,230 Disposals 4,535,971 235,584 10,140,565 4,631,085 67,940 2,940,843 549,592 436,631 — — — 23,538,211 Translation effect 3,644,232 — 46,887 — 256,458 — 349,479 13,103 — — — 4,310,159 Balances as of December 31, 2022 Ps. (789,443,853) (6,593,644) (264,441,515) (1,260,106,083) (47,796,496) (294,192,090) (45,932,403) (15,664,032) (57,335,129) — — (2,781,505,245) Wells, pipelines, properties, plant and equipment—net as of December 31, 2021 Ps. 268,996,454 7,267,028 259,038,544 305,091,542 24,855,535 151,810,657 4,615,348 13,474,475 194,617,031 44,765,993 — 1,274,532,607 Wells, pipelines, properties, plant and equipment—net as of December 31, 2022 Ps. 264,393,026 8,247,351 229,242,117 326,301,631 26,069,216 126,171,120 4,877,254 13,633,385 316,690,455 53,125,295 — 1,368,750,850 Depreciation rates 3 to 5% 5 % 2 to7% — 3 to 7% 4 % 3 to 10% 4 to 20% — — — — Estimated useful lives 20 to 35 20 15 to 45 — 33 to 35 25 3 to 10 5 to 25 — — — — (1) Mainly wells, pipelines and plants. (2) To present the accumulated effect of impairment as part of the accumulated depreciation and amortization. This presentation does not affect the net value of wells, pipelines, properties, plant and equipment. (3) On January 20, 2022, PEMEX acquired assets with a cost of Ps. 29,669,961, consisting mainly of plants. This amount includes assets acquired through a business combination (see Note 12). A. As of December 31, 2022, 2021 and 2020, the financing cost identified with fixed assets in the construction or installation stage, capitalized as part of the value of such fixed assets, was Ps. 4,580,836, Ps. 3,106,007 and Ps. 3,893,248, respectively. Financing cost rates during 2022, 2021 and 2020 were 5.40% to 7.80%, 6.10% to 7.05% and 5.75% to 7.08%, respectively. B. The combined depreciation of fixed assets and amortization of wells for the fiscal years ended December 31, 2022, 2021 and 2020, recognized in operating costs and expenses, was Ps. 139,771,815, Ps. 133,431,365 and Ps. 129,631,820, respectively. These figures include Ps. 113,656,994, Ps. 108,509,633 and Ps.101,339,417 for oil and gas production assets and costs related to plugging and abandonment of wells for the years ended December 31, 2022, 2021 and 2020 of Ps. 224,327, Ps. 143,779 and Ps. 2,731,317, respectively. C. As of December 31, 2022 and 2021, provisions relating to future plugging of wells costs amounted to Ps. 66,699,388 and Ps. 70,144,756, respectively, and are presented in the “Provisions for plugging of wells” (see Note 20). D. As of December 31, 2022, 2021 and 2020, acquisitions of property, plant and equipment include transfers from wells unassigned to a reserve for Ps. 10,630,314, Ps. 15,608,296 and Ps. 6,229,356, respectively (see Note 14). E. As of December 31, 2022, 2021 and 2020, the translation effect of property, plant and equipment items from a different currency than the presentation currency was Ps. (14,982,766), Ps. 2,477,528 and Ps. 490,203, respectively, which was mainly plant. F. As of December 31, 2022, 2021 and 2020, PEMEX recognized a net impairment of Ps. (83,538,021), Ps. (1,210,595) and Ps. (36,353,700), respectively, which is presented as a separate line item in the consolidated statement of comprehensive income as follows: 2022 2021 2020 (Impairment) / Reversal of Pemex Exploration and Production (60,438,070) 34,562,831 35,031,541 Pemex Industrial Transformation (25,615,351) (32,153,192) (71,761,571) Pemex Logistics 2,121,045 (3,161,108) 426,560 PMI Azufre Industrial — — 42,214 Gas Bienestar — (282,452) — Pemex Fertilizers — — (92,444) MGAS 394,355 (176,674) — (Impairment) reversal of impairment, net (83,538,021) (1,210,595) (36,353,700) Cash-Generating Unit of Pemex Exploration and Production As of December 31, 2022, 2021 and 2020, Pemex Exploration and Production recognized a net impairment, net reversal of impairment and net reversal of impairment of Ps. (60,438,070), Ps. 34,562,831, and Ps. 35,031,541, respectively, shown by GCUs as follows: 2022 2021 2020 Cantarell (48,371,891) (5,782,224) 3,477,189 Chuc (6,517,953) 26,962,488 8,348,556 Ixtal - Manik (6,042,806) 481,673 (481,672) Antonio J. Bermúdez (5,510,789) (1,815,596) (9,705,730) Aceite Terciario del Golfo (2,870,820) 13,493,508 29,954,187 Tamaulipas Constituciones (2,333,354) 684,766 (2,819,337) Santuario El Golpe (1,454,789) — — Cárdenas-Mora (1,150,448) — — Lakach (648,846) (705,781) (1,269,083) Cuenca de Macuspana (281,770) 38,939 735,920 Burgos 10,447,135 (12,517,196) 9,659,028 Tsimin Xux 2,268,459 (4,600,480) 3,920,244 Ébano (CEE) 1,298,911 (1,281,396) — Ogarrio Magallanes 530,061 (530,061) — Misión (CEE) 200,830 (908,043) (574,047) Crudo Ligero Marino — 20,238,977 (2,141,285) Arenque — 803,257 (803,256) Ayin - Alux — — (3,269,173) Total Ps. (60,438,070) 34,562,831 35,031,541 As of December 31, 2022, Pemex Exploration and Production recognized a net impairment of Ps. (60,438,070) mainly due to: (i) a decrease in production profiles volume in the barrel of crude oil equivalent generating a negative effect of Ps. 258,263,054, of which Ps. 160,892,540 are from the Cantarell CGU, Aceite Terciario del Golfo (“ATG”), Ixtal Manik, Antonio J. Bermúdez and Chuc CGUs; and (ii) the negative effect due to an exchange rate of Ps. 17,568,491, from Ps. 20.5835 = U.S.$1.00 as of December 31, 2021, to Ps. 19.4143 = U.S.$1.00 as of December 31, 2022. These effects were partially offset by (i) an increase in crude oil prices, generating a positive effect of Ps. 157,896,123 mainly Burgos, Ogarrio Magallanes and Crudo Ligero Marino CGUs; (ii) an increase in the discount rate of Ps. 52,553,703, from 6.89% in 2021 to 9.31% in 2022, due to the increase in the debt component in the Weighted Average Cost of Capital ("WAAC") derived from the rise in global interest rates, which impacted PEMEX's benchmark rates that oil and gas industry uses to determine these discount rates, mainly in the Cantarell CGU due to the 30.5% reduction in proved reserves as of January 31, 2023, from 683.83 MMBPCE as of December 31, 2021 to 474.96 MMBPCE as of December 31, 2022; and (iii) a positive tax effect of Ps. 4,943,649, due to lower income in proved reserves as of January 1, 2023 mainly in the Cantarell, ATG and Ixtal Maniak CGUs. As of December 31, 2021, Pemex Exploration and Production recognized a net reversal of impairment of Ps. 34,562,831 mainly due to: (i) an increase in crude oil prices, generating a positive effect of Ps. 143,823,094 mainly in ATG, Chuc, Crudo Ligero Marino and Ixtal Manik CGUs; (ii) the positive effect due to an exchange rate of Ps. 13,361,080, from Ps. 19.9478 = U.S.$1.00 as of December 31, 2020, to Ps. 20.5835 = U.S.$1.00 as of December 31, 2021; and (iii) a slight positive effect in the discount rate of Ps. 624,875, or in percentage terms, from 6.23% in 2020 to 6.89% in 2021. These effects were partially offset by (i) a decrease in production profiles volume in the barrel of crude oil equivalent of Ps. 34,944,968 and higher transportation and distribution costs of Ps. 67,992,525 mainly in Cantarell, Burgos, Antonio J. Bermúdez and Macuspana, CGUs; (ii) an increase in proven reserves in the new Ixachi, Quequi, Xikin, Jaatsul, Cheek, Uchbal, TetL, Teekit, Suuk, Pokche and Mulach fields; (iii) a negative tax effect of Ps. 18,119,284, due to higher income as a result of an increase in hydrocarbon prices, exchange rate and an increase in the discount rate with respect to December 31, 2020 mainly in ATG, Chuc, Crudo Ligero Marino and Tsimin Xux CGUs; and (iv) an impairment of Ps. 2,189,440 in Exploration and Extraction Contracts for Misión and Ébano CGUs. As of December 31, 2020, Pemex Exploration and Production recognized a net reversal of impairment of Ps. 35,031,541, mainly due to: (i) an increase in crude oil prices, generating a positive effect of Ps. 50,763,557 mainly in the Cantarell and ATG CGUs (ii) an increase in the volume of barrels of crude oil equivalent, generating an effect of Ps. 33,784,306 mainly in the ATG, Burgos and Crudo Ligero Marino CGUs. Additionally, there were increases in proven reserves in new fields, including Ixachi, Xikin, Jaatsul, Cheek, Uchbal, Tetl, Teekit, Suuk, Pokche and Mulach; (iii) the positive effect due to an exchange rate of Ps. 21,067,337, mainly in Cantarell, ATG and Burgos CGUs, from Ps. 18.8452 = U.S.$1.00 as of December 31, 2019 to Ps. 19.9478 = U.S.$1.00 as of December 31, 2020; and (iv) an increase in taxes of Ps. 3,844,410 was recognized due to a lower income in the production and price profiles as compared to December 31, 2019, impacting Antonio J. Bermúdez, Chuc and Tsimin Xux CGUs, among others. These effects were partially offset by an increase in the discount rate of Ps. 74,428,069, or in percentage terms, from 6.18% in 2019 to 6.23% in 2020, which motivated the CGUs with higher revenues, sales volume, price and exchange rates to recognize this effect. The CGUs of Pemex Exploration and Production are investment projects in productive fields with hydrocarbon reserves associated with proved reserves. These productive hydrocarbon fields contain varying degrees of heating power consisting of a set of wells and are supported by fixed assets associated directly with production, such as pipelines, production facilities, offshore platforms, specialized equipment and machinery. Each project represents the smallest unit which can concentrate the core revenues, with clear costs and expenses that enable future cash flows (value in use) to be determined. Pemex Exploration and Production determines the recoverable amount of fixed assets based on the long-term estimated prices for Pemex Exploration and Production’s proved reserves. The recoverable amount on each asset is the value in use. To determine the value in use of long-lived assets associated to hydrocarbon extraction, the net present value of reserves is determined based on the following assumptions: 2022 2021 2020 Average crude oil price 59.37 U.S.$/bl 56.60 U.S.$/bl 52.96 U.S.$/bl Average gas price 4.98 U.S.$/mpc 4.66 U.S.$/mpc 5.21 U.S.$/mpc Average condensates price 64.95 U.S.$/bl 65.50 U.S.$/bl 61.09 U.S.$/bl After-tax discount rate 9.31% annual 6.89% annual 6.23% annual Pre-tax discount rate 14.27% annual 10.68% annual 9.72% annual For 2022, 2021 and 2020 the total forecast production, calculated with a horizon of 25 years, was 7,078 Billion barrels per day (Bbd), 7,341 Bbd and 6,731 Bbd per day of crude oil equivalent, respectively. Pemex Exploration and Production, in compliance with practices observed in the industry, estimates the recovery value of an asset by determining its value in use, based on cash flows associated with proved reserves after taxes and using a discount rate, also after taxes. Cash flows related to plugging wells provision costs are excluded in this computation of discounted cash flows. As of December 31, 2022, 2021 and 2020, values in use for CGU with impairment or reversal of impairment are: 2022 2021 2020 Chuc Ps. 58,826,338 86,217,289 35,037,408 Aceite Terciario del Golfo 44,910,967 75,544,451 38,617,385 Tsimin Xux 42,487,962 29,336,464 21,703,642 Ogarrio Magallanes 29,222,531 25,089,823 — Crudo Ligero Marino 27,993,723 34,424,670 11,455,311 Burgos 13,254,788 4,403,791 16,003,831 Ixtal - Manik 10,377,668 23,071,621 10,361,747 Antonio J. Bermúdez 10,090,851 18,666,302 23,717,426 Arenque 5,307,805 5,920,659 5,296,420 Ébano (CEE) 4,857,880 (7,573,109) — Tamaulipas Constituciones 3,000,177 5,878,883 4,971,235 Cuenca de Macuspana 82,209 722,874 899,838 Misión (CEE) (493,897) (101,442) 832,234 Lakach (2,246,174) (1,820,553) (571,834) Cárdenas-Mora (3,909,463) 4,893,697 — Santuario El Golpe (4,082,727) 17,225,366 — Cantarell (13,106,589) 54,669,897 121,968,126 Poza Rica — — 6,276,904 Costero — — 5,335,394 Total Ps. 226,574,049 376,570,683 301,905,067 Cash-Generating Units of Pemex Industrial Transformation As of December 31, 2022, 2021 and 2020, Pemex Industrial Transformation recognized a net impairment of Ps. (25,615,351), Ps. (32,153,192) and Ps. (71,761,571), respectively, shown by CGUs as follows: 2022 2021 2020 Minatitlán Refinery (17,502,044) (4,678,358) (37,432,704) Morelos Petrochemical Complex (7,512,584) 365,522 (2,350,704) Cangrejera Petrochemical Complex (6,419,084) (1,115) — Salamanca Refinery (5,819,013) (2,187,781) (5,386,525) Poza Rica Gas Processor Complex (3,656,338) — — Arenque Gas Processor Complex (199,943) — — Salina Cruz Refinery (101,943) (3,263,118) — Cadereyta Refinery (68,460) (2,195,115) (2,083,755) Tula Refinery 9,757,714 (6,446,357) (2,820,750) Madero Refinery 5,244,262 (13,216,073) (18,412,688) Cosoleacaque Petrochemical Complex 630,486 (726,631) — Pajaritos Petrochemical Complex 31,596 195,834 (1,484,489) Nuevo Pemex Gas Processor Complex — — (1,080,831) Ciudad Pemex Gas Processor Complex — — (709,125) Total Ps. (25,615,351) (32,153,192) (71,761,571) As of December 31, 2022, the net impairment of Ps. (25,615,351) was mainly due to: (i) the negative effect due to an exchange rate, from Ps. 20.5835 = U.S.$1.00 as of December 31, 2021, to Ps. 19.4143 = U.S.$1.00 as of December 31, 2022, and (ii) a negative effect in the discount rate, from 9.45% in 2021 to 14.16% in 2022; and (iii) a projected decrease in revenues. As of December 31, 2021, the net impairment of Ps. (32,153,192) was mainly the result of the following factors: (i) the inability to achieve the projected production rate due to operational issues; (ii) the Ultra-Low Sulfur Gasoline (ULSG) and Ultra-Low Sulfur Diesel (ULSD) projects have not received any resources for their continuation and no provision is made for the continuation of these works within the approved budget for 2022; and (iii) the total impairment in the Madero Refinery due to high operating costs and expenses. These effects were partially offset by (i) a projected increase in revenues due to the increase in sales prices for secondary petrochemical CGUs; (ii) an increase in the exchange rate of the peso against the U.S. dollar, from a peso/U.S. dollar exchange rate of Ps. 19.9487 = U.S.$1.00 as of December 31, 2020, to Ps. 20.5835 = U.S.$1.00 as of December 31, 2021; and (iii) a decrease in the discount rate from 10.83% in 2020 to 9.45% in 2021. As of December 31, 2020, the impairment of Ps. (71,761,571) was mainly due to (i) lower production levels, mainly at the Madero, Minatitlan and Tula Refineries due to a lower crude oil processing rate than previously projected; (ii) decrease in the price of products; (iii) a decrease in the discount rate of CGUs of refined products and gas by 0.64% and 0.46%, respectively, and increase in petrochemicals by 1.15% and ethylene by 0.26%; and (iv) the depreciation of the peso against the U.S. dollar, from a peso/U.S. dollar exchange rate of Ps. 18.8452 = U.S.$1.00 as of December 31, 2019 to Ps. 19.9487 = U.S.$1.00 as of December 31, 2020, which are used as cash flows when U.S. dollars are taken as reference. To determine the value in use of long-lived assets associated with the CGUs of Pemex Industrial Transformation, the net present value of cash flows was determined based on the following assumptions: As of December 31, 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 Refining Gas Petrochemicals Ethylene Fertilizers Average crude oil Price (U.S.$) 68.79 60.4 48.89 N.A. N.A. N.A. N.A Processed volume (1) 909 mbd 891 mbd 920 mbd 2,061 mmpcd of humid gas 2,148 mmpcd of humid gas 2,134 mmpcd of humid gas Variable because the load inputs are diverse Rate of U.S.$ $19.4143 $20.5835 $19.9487 $19.4143 $20.5835 $19.9487 $19.4143 20.5835 $19.9487 $19.4143 20.5835 $19.9487 $19.4143 $20.5835 Useful lives of the cash-generating units (year average) 12 11 12 7 7 7 5 6 7 5 5 6 4 5 Pre-tax discount rate 14.16% 9.45% 10.83% 13.20% 10.15% 9.76% 10.73% 8.63% 9.76% 10.73% 8.63% 8.29% 13.25% 9.96% Period (2) 2023 - 2034 2022 - 2033 2020 - 2032 2023 - 2029 2022 - 2029 2020 - 2027 2023 - 2027 2022 - 2027 2020 - 2027 2023 - 2027 2020-2026 2023 - 2026 2020 - 2026 (1) Average of the first four years. (2) The first five years are projected and stabilize at year six. N.A. = Not applicable CGUs in Pemex Industrial Transformation are processing centers grouped according to their types of processes as refineries, gas complex processors, and petrochemical centers. These centers produce various finished products for direct sale to customers or intermediate products that can be processed in another of its CGUs or by a third party. Each processing center of Pemex Industrial Transformation represents the smallest unit that has distinguishable revenues, with clear costs and expenses that enable future cash flows (value in use) to be determined. Cash flow determinations are made based on PEMEX’s business plans, operating financial programs, forecasts of future prices of products related to the processes of the CGUs, budget programs and various statistical models that consider historical information of processes and the capacity of various processing centers. The recoverable amount of assets is based on each asset’s value in use. The value in use for each asset is calculated based on discounted cash flows, taking into consideration the volumes to be produced and sales to be carried out. As of December 31, 2022, 2021 and 2020, the value in use for the impairment of fixed assets was as follows: 2022 2021 2020 Salina Cruz Refinery Ps. 49,725,087 31,909,325 30,422,588 Tula Refinery 48,695,398 39,815,742 34,829,922 Cadereyta Refinery 48,191,707 39,432,148 40,793,541 Nuevo Pemex Gas Processor Complex 31,708,026 — — Salamanca Refinery 17,799,786 51,998,803 44,777,784 Madero Refinery 10,279,749 — 6,799,072 Minatitlán Refinery 4,061,210 20,545,810 18,819,247 Cosoleacaque Petrochemical Complex 1,974,484 625,255 — Arenque Gas Processor Complex 105,610 — — Cangrejera Ethylene Processor Complex — — 11,493,567 Morelos Ethylene Processor Complex — 7,903,064 9,396,765 Total Ps. 212,541,057 192,230,147 197,332,486 Cash-Generating Units of Pemex Logistics As of December 31, 2022, 2021 and 2020, Pemex Logistics recognized a net reversal of impairment of Ps. 2,121,045, an impairment of Ps. (3,161,108) and a reversal of impairment of Ps. 426,560, respectively. The net (impairment) and reversal of impairment were in the following CGUs: 2022 2021 2020 Construction in progress Ps. 2,121,045 (2,927,035) — Vessel — — 303,516 Land and transport (white pipelines) — (234,073) 123,044 Reversal of impairment (impairment), net Ps. 2,121,045 (3,161,108) 426,560 As of December 31, 2022 2021 2020 2022 2021 2020 2022 2021 2020 Pipelines Landing transport Vessel Discount rate 12.73% 12.57% 11.97% 12.73% 12.57% 11.97% 12.73% 12.57% 11.97% Useful life 19 20 22 2 3 5 16 17 19 As of December 31, 2022, Pemex Logistics recognized a net reversal of impairment of Ps. 2,121,045 due to: (i) the capitalization of some work in progress, and (ii) an increase in the discount rate to project future cash flows from 12.57% in 2021 to 12.73% in 2022. As of December 31, 2021, Pemex Logistics recognized a net impairment of Ps. (3,161,108) due to: (i) an impairment in some works in progress, for which a reservation was estimated due to the economic adjustments that PEMEX presents for these projects and (ii) an increase in the discount rate to project future cash flows from 11.97% in 2020 to 12.57% in 2021. As of December 31, 2020, Pemex Logistics recognized a reversal of impairment in land transport and vessel CGUs for Ps. 426,560, mainly due to an increase in projected cash inflows. CGU in Pemex Logistics are pipelines and transport equipment. The recoverable amounts of the assets as of December 31, 2022, 2021 and 2020, corresponding to the discounted cash flows at the rate of 12.73%, 12.57% and 11.97%, respectively, as follows: 2022 2021 2020 TAD, TDGL, TOMS (Storage terminals) Ps. 66,431,256 76,522,522 95,169,597 Pipelines 43,707,101 113,847,249 88,740,662 Primary logistics 74,294,282 72,281,553 108,036,325 Total Ps. 184,432,639 262,651,324 291,946,584 Cash-Generating Units of Pemex Fertilizers CGU is a plant used in the ammonia process. The recoverable amount of assets is based on each asset’s value in use. To determine cash flows, volumes to be produced and sales to be carried out were taken into consideration. Discount rate The discount rate used as of December 31, 2020 was 9.51% due to the updating of comparable companies taken as reference to the determination of the discount rate. As of December 31, 2020, Pemex Fertilizers recognized an impairment of Ps. (92,444) in CGUs mentioned above. The impairment was mainly caused from (i) the decrease in projected production due to the lack of raw material, (ii) increase in raw material prices, and (iii) decrease in ammonia prices. December 31, 2020 Exchange rate 19.9487 Discount rate 9.51% Useful life 22 G. PEMEX can conduct exploration and extraction activities through Exploration and Extraction Contracts (“EECs”). The EECs are awarded individually, through associations or joint ventures based on guidelines approved by the Comisión Nacional de Hidrocarburos (“National Hydrocarbons Commission” or “CNH”) and are classified into: a. Production-sharing contracts; b. Profit-sharing contracts; c. License agreements; and d. Service contracts. Certain of the EECs are operated though joint arrangements, for which PEMEX recognizes in its financial statements both the rights to the assets and the obligations for the liabilities, as well as profits and losses relating to the arrangements. EECs as of December 31, 2022 are: a. Production-sharing contracts: The object of the production-sharing contracts is the execution of oil activities under shared production contracts among Mexico through the Mexican Government via the CNH and Pemex Exploration and Production (as contractor), for the contractual area and the sharing of costs, risks, and terms and conditions involved in the contract and in accordance with the applicable regulations and best practices of the industry receiving, in exchange, benefits in favor of the contractor. I. Production contracts without a partner • Hydrocarbons Exploration and Extraction Contract for Block 29, Cuenca del Sureste, in which Pemex Exploration and Production owns 100% of the project. • Hydrocarbon Extraction Contract for the Ek-Balam (shallow water) Block. Pemex Exploration and Production owns 100% of this contractual area. II. Production contracts in consortium • Exploration and Extraction Contract related to Block 2 Tampico Misantla, pursuant to a consortium formed by Pemex Exploration and Production and Deutsche Erdoel AG (“DEA”) and Compañía Española de Petróleos, S. A. U., (jointly liable). The object of the contract is the realization of oil activities, under shared production contracts, by the contractor for the contractual area and the sharing of costs, risks, terms and conditions involved in the contract and in accordance with the applicable regulations and best practices of the industry, receiving in exchange, benefits in favor of the contractor. Pemex Exploration and Production and DEA each have a 50% interest in this contractual area. Pemex Exploration and Production is the operator under this contract. • Exploration and Extraction Contract, related to Block 8 Cuencas del Sureste, pursuant to a consortium formed by Pemex Exploration and Production, EPC Hidrocarburos México, S. A. de C. V. (EPC). and Ecopetrol Global Energy, S. L. U. (jointly liable). Pemex Exploration and Production was designated by all the participating companies and with the approval of the CNH as the operator of this contract and all operational aspects of the petroleum activities will be carried out only by the operator on behalf of all participating companies. Pemex Exploration and Production and EPC each have a 50% interest in this contractual area. • Exploration and Extraction Contract, related to Block 16, Tampico Misantla, pursuant to a consortium by Pemex Exploration and Production, Deutsche Erdoel México S. de R.L. de C.V. (as operator) and CEPSA E.P. México S. de R.L. de C.V., as jointly liable. Pemex Exploration and Production owns 40% of this contractual area, DEUTSCHE Erdoel México S. de R.L. de C.V. owns 40%, and CEPSA E.P. México S. de R.L. de C.V. owns 20%. • Exploration and Extraction Contract, related to Block 17, Tampico Misantla, pursuant to a consortium by Pemex Exploration and Production, Deutsche Erdoel México S. de R.L. de C.V. (as operator) and CEPSA E.P. México S. de R.L. de C.V., as jointly liable. Pemex Exploration and Production owns 40% of this contractual area, Deutsche Erdoel México S. de R.L. de C.V. owns 40%, and CEPSA E.P. México S. de R.L. de C.V. owns 20%. • Exploration and Extraction Contract, related to Block 18, Tampico Misantla, pursuant to a consortium by Pemex Exploration and Production (as operator) and CEPSA E.P. México S. de R.L. de C.V. (as partner). Pemex Exploration and Production owns 80% of this contractual area, and CEPSA E.P. México S. de R.L. de C.V. owns 20%. • Hydrocarbons Exploration and Extraction Contract for Block 32, Cuenca del Sureste, by Pemex Exploration and Production (as operator) and Total E&P México, S.A. de C.V. (as partner). Pemex Exploration and Total E&P México, S.A. de C.V each have a 50% interest in this contractual area. • Hydrocarbons Exploration and Extraction Contract for Block 33, Cuenca del Sureste, by Pemex Exploration and Production (as operator) and Total E&P México, S.A. de C.V. Pemex Exploration and Total E&P México, S.A. de C.V each have a 50% interest in this contractual area. • Hydrocarbons Exploration and Extraction Contract for Block 35, Cuenca del Sureste, by Shell Exploración y Extracción de México, S.A. de C.V (as operator) and Pemex Exploration and Production. Shell Exploración y Extracción de México, S.A. de C.V. and Pemex Exploration each have a 50% interest in this contractual area. • Exploration and Extraction Contract, related to the Santuario El Golpe Block, pursuant to a consortium formed by Pemex Exploration and Production (as partner) and Petrofac México, S.A. de C.V. (PETROFAC), as operator. Pemex Exploration and Production owns 64% of this contractual area and PETROFAC owns 36%. • Exploration and Extraction Contract, related to the Misión Block, pursuant to a consortium formed by Pemex Exploration and Production (as partner) and Servicios Múltiples de Burgos, S.A. de C.V. (as operator). Pemex Exploration and Production owns 51% of this contractual area and Servicios Múltiples de Burgos, S.A. de C.V. owns 49%. • Exploration and Extraction Contract, related to Ébano Block, pursuant to a consortium formed by Pemex Exploration and Production (as partner), DS Servicios Petroleros, S.A. de C.V. (as operator) and D&S Petroleum S.A. de C.V. (as partner). Pemex Exploration and Production owns 45% of this contractual area, Servicios Múltiples de Burgos owns 54.99%, while D&S Petroleum S.A. de C.V. owns 0.01%. b. License contracts The nature of the contract relationship is the execution of oil activities, under the license contracting modality, under which the contractor is granted the right to explore and extract at its exclusive cost and risk hydrocarbons owned by the Mexican nation, who must comply with the obligations arising from the contract in the name and representation of each of the signatory companies in the contractual area in accordance with the applicable regulations, industry best practices and the terms and conditions of the contract. The contractor shall be entitled to payment for hydrocarbons produced, in accordance with the terms of the contracts, and after payments to the Mexican Government are made. I. License contracts without association • Hydrocarbons Exploration and Extraction Contract for Block 5, Plegado Perdido, in which Pemex Exploration and Production owns 100% of the project. • Hydrocarbons Exploration and Extraction Contract for Block 18, Cordilleras Mexicanas, in which Pemex Exploration and Production owns 100% of the project. II. License contracts in association • Hydrocarbons Exploration and Extraction Contract for Block 3 “Plegado Perdido”, in deep waters, formed by INPEX Corporation (“INPEX”) (as partner), Chevron Energía de Mexico, S. de R.L. de C.V. (“Chevron”) (as operator) and Pemex Exploration and Production, (as partner). Chevron, Pemex Exploration and Production and INPEX have a 37.5%, 27.5% and 35% interest in this project, respectively, and will be jointly liable for all obligations of the contractors according to this contract regardless of their participation interest. • Hydrocarbons Exploration and Extraction Contract for Block 2, Plegado Perdido, formed by Pemex Exploration and Production (as partner) and Shell Exploración y Extracción de México, S.A. de C.V. (as operator). Pemex Exploration and Production and Shell Exploración y Extracción de México, S.A. de C.V. each have a 50% interest in this project. • Hydrocarbons Exploration and Extraction Contract for Block 22, Cuenca Salina, formed by Pemex Exploration and Production, Inpex E&P México, S.A. de C.V., (as partners), and Chevron (as operator). Chevron, Pemex Exploration a |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible Assets, Net | INTANGIBLE ASSETS, NET As of December 31, 2022 and 2021, intangible assets, net were mainly wells unassigned to a reserve and other components of intangible assets, which amounted to Ps. 30,024,934 and Ps. 20,016,146, respectively as follows: A. Wells unassigned to a reserve 2022 2021 Wells unassigned to a reserve: Balance at the beginning of the year Ps. 18,639,136 21,435,160 Additions to construction in progress 34,291,324 25,377,983 Transfers against expenses (13,911,491) (12,565,711) Transfers against fixed assets (10,630,314) (15,608,296) Balance at the end of the year Ps. 28,388,655 18,639,136 As of December 31, 2022, 2021 and 2020, PEMEX recognized expenses related to unsuccessful wells of Ps. 21,021,660, Ps. 22,296,103 and Ps. 19,351,986, respectively, directly in its statement of comprehensive income. B. Other intangible assets Licenses Exploration expenses, Total Cost Balance as of January 1, 2022 Ps. 5,258,823 1,845,848 Ps. 7,104,671 Additions 1,016,283 23,951 1,040,234 Effects of foreign exchange (33,617) (105,591) (139,208) 6,241,489 1,764,208 8,005,697 Amortization accumulated Balance as of January 1, 2022 (4,950,315) (777,346) (5,727,661) Additions (195,948) — (195,948) Amortization (492,311) (24,031) (516,342) Effects of foreign exchange 25,486 45,047 70,533 (5,613,088) (756,330) (6,369,418) Balance as of December 31, 2022 Ps. 628,401 1,007,878 Ps. 1,636,279 Useful lives 1 to 3 years Up to 36 years Licenses Exploration expenses, Total Cost Balance as of January 1, 2021 Ps. 4,885,305 1,769,100 6,654,405 Additions 416,070 20,165 436,235 Disposals (35,885) — (35,885) Effects of foreign exchange (6,667) 56,583 49,916 5,258,823 1,845,848 7,104,671 Amortization accumulated Balance as of January 1, 2021 Ps. (4,592,114) (721,667) (5,313,781) Disposals 32,561 — 32,561 Amortization (371,115) (32,180) (403,295) Effects of foreign exchange (19,647) (23,499) (43,146) (4,950,315) (777,346) (5,727,661) Balance as of December 31, 2021 Ps. 308,508 Ps. 1,068,502 Ps. 1,377,010 Useful lives 1 to 3 years Up to 36 years |
Government Bonds, Long-Term Not
Government Bonds, Long-Term Notes Receivable And Other Assets | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Notes Receivable Government Bonds And Other Long Term Assets [Abstract] | |
Government Bonds, Long-Term Notes Receivable And Other Assets | GOVERNMENT BONDS, LONG-TERM NOTES RECEIVABLE AND OTHER ASSETS A. Promissory notes On August 5, 2016, Petróleos Mexicanos received promissory notes issued by the Mexican Government as part of the Mexican Government’s assumption of a portion of the payment liabilities related to Petróleos Mexicanos and Subsidiary Entities’ pensions and retirement plans. On November 19, 2020, Petróleos Mexicanos and the SHCP agreed to exchange 16 promissory notes in favor of Petróleos Mexicanos for 18 series of Mexican Government local bonds (the “Government Bonds”). The resources from the Government Bonds will be exclusively transferred to the FOLAPE for the payments related to its pension and retirement plan obligations. The roll-forward related to the promissory notes as of December 31, 2020 is as follows: For the year ended 2020 (i) Balance at the beginning of the year Ps. 126,534,822 Collected promissory notes (4,102,622) Accrued interests 7,097,040 Interests received from promissory notes (881,048) Reversal of (impairment) of the promissory notes 8,000 Exchange from promissory notes to Bonds (128,656,192) Balance at the end of the period Ps. — (i) Until November 19, 2020. B. Government bonds As of December 31, 2022 and 2021, the balance of Government Bonds (see Note 15-A), includes Government Bonds valued at amortized cost as follows: 2022 2021 Government bonds (1) Ps. 110,179,517 Ps. 110,855,356 Less: current portion of Government Bonds, net of expected credit losses 46,526,257 1,253,451 Total long-term notes receivable Ps. 63,653,260 Ps. 109,601,905 (1) As of December 31, 2022 and 2021, includes an expected credit loss of Ps. 9,717 and Ps. 13,038, respectively. As of November 19, 2020, the value of the Government Bonds was Ps. 128,786,611, and the liability was Ps. 95,597,610. On November 20, 2020, Petróleos Mexicanos monetized the whole of the Government Bonds by entering into a three-year financial arrangement to partially raise an equivalent of Ps. 95,597,610 at an annual rate of 8.56275%, maturing November 24, 2023. Petróleos Mexicanos retains the risks, benefits and economic rights of the Government Bonds, which were delivered to a financial institution. Petróleos Mexicanos will continue to collect coupon and principal payments from the securities throughout the term of the transaction. Therefore, Petróleos Mexicanos recognizes these Government Bonds as restricted assets and recognizes short-term debt for the monetization. The resources from the Government Bonds were transferred to the FOLAPE for payments related to its pension and retirement plan obligations. During the period from January 1 to December 31, 2022, interest income generated by the Government Bonds amounted to Ps. 7,534,938, of which Petróleos Mexicanos received payments in the amount of Ps. 7,455,715. During the period from January 1 to December 31, 2021, interest income generated by the Government Bonds amounted to Ps. 7,094,180, of which Petróleos Mexicanos received payments in the amount of Ps. 7,126,559. As of December 31, 2022 and 2021 the Government Bonds consist of 17 series of development bonds (D Bonds, M Bonds and UDI Bonds) issued by the SHCP with maturities between 2023 and 2026, at nominal value of Ps. 102,492,032 and Ps. 913,482 in UDIs. As of December 31, 2022 and 2021, the fair value of the transferred assets was Ps. 108,062,414 and Ps. 109,124,514, respectively and the fair value of the associated liabilities was Ps. 82,372,990 and Ps. 83,869,441, respectively, resulting in a net position of Ps. 25,689,424 and Ps. 25,255,073, respectively. As of December 31, 2022 and 2021, the recorded liability was Ps. 90,577,596 (Ps. 89,739,938 of principal and Ps. 837,658 of interest) and Ps. 84,189,749 (Ps. 83,401,120 of principal and Ps. 788,629 of interest), respectively (see Note 16). The roll-forward of the Mexican Bonds is as follows: December 31, 2022 2021 Balance as of the beginning of the year Ps. 110,855,356 Ps. 129,549,519 Government Bonds collected — (15,788,696) (1) Accrued interests 7,534,938 7,094,180 Interests received from bonds (7,455,715) (7,126,559) Impact of the valuation of bonds in UDIs 491,975 459,149 Amortized cost (1,250,358) (3,336,781) Reversal (Impairment) of bonds 3,321 4,544 Balance at the end of the year Ps. 110,179,517 Ps. 110,855,356 (1) Government Bonds were collected on December 9, 2021. C. Long-term notes receivable As of December 31, 2022 and 2021, the balance of long-term notes receivable was Ps. 1,334,126 and Ps. 1,646,290 and includes Ps. 783,999 and Ps. 833,473, respectively, of collection rights related to Value Added Tax from the non-recourse factoring contract between Pemex Logistics and Banco Mercantil del Norte, S.A. D. Other assets At December 31, 2022 and 2021, the balance of other assets was as follows: December 31, 2022 2021 Payments in advance (1) Ps. 26,515,825 Ps. 35,931,167 Other 2,565,824 2,327,872 Insurance 1,621,076 853,891 Total other assets Ps. 30,702,725 Ps. 39,112,930 (1) Mainly advance payments to contractors for the construction of the Dos Bocas Refinery through PTI ID. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of long term debt [abstract] | |
Debt | DEBT The Federal Revenue Law applicable to PEMEX as of January 1, 2022 published in the Official Gazette of the Federation on November 12, 2021, authorized Petróleos Mexicanos and its Subsidiary Entities to incur an internal net debt up to Ps. 27,242,000 and an external net debt up to U.S.$1,860,000. PEMEX can incur additional internal or external debt, as long as the total amount of net debt does not exceed the ceiling established by the Federal Revenue Law. The Board of Directors approves the terms and conditions for the incurrence of obligations that constitute public debt of Petróleos Mexicanos for each fiscal year, in accordance with the Petróleos Mexicanos Law and the Reglamento de la Ley de Petróleos Mexicanos (Regulations to the Petróleos Mexicanos Law). The terms and conditions are promulgated in accordance with the guidelines approved by the SHCP for Petróleos Mexicanos for the respective fiscal year. During the period from January 1 to December 31, 2022, PEMEX participated in the following financing activities: • On February 25, 2022, Petróleos Mexicanos issued a promissory note for the principal amount of Ps. 250,000, bearing an interest rate linked to 28-day Interbank Equilibrium Interest Rate ("TIIE") plus 235 basis points, maturing in February 2023. • On March 28, 2022, Petróleos Mexicanos entered into a term loan credit facility in the amount of U.S.$ 75,000 due January 2023, at a floating rate linked to SOFR plus 245 basis points. • On March 30, 2022, Petróleos Mexicanos completed the exchange of notes previously issued under Rule 144A and under Regulation S for SEC-registered notes. The following table sets forth the principal amount of the registered debt securities issued by Petróleos Mexicanos pursuant to such exchange of notes. Security Issuer Guarantors Principal amount outstanding U.S.$ 6.875% Notes due 2025 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 901,836 6.700% Notes due 2032 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 6,779,842 • On April 18, 2022, Petróleos Mexicanos renewed a promissory note for Ps. 4,000,000, originally issued in October 2021, bearing interest at a floating rate linked to the 28-day TIIE plus 315 basis points, maturing in January 2023. • On April 26, 2022, Petróleos Mexicanos obtained Ps. 10,000,000 related to the Government Bonds monetization due February 2024. • On April 29, 2022, Petróleos Mexicanos increased a credit line to U.S.$450,000, bearing interest at a floating rate linked to 90-day SOFR plus 345 basis points due October 2023. • On May 18, 2022, Petróleos Mexicanos issued a promissory note for the principal amount of Ps. 500,000 bearing interest at a floating rate linked to 28-day TIIE plus 250 basis points, maturing in May 2023. • On May 31, 2022, Petróleos Mexicanos renewed a promissory note, originally issued in December 2021, for Ps. 3,000,000, bearing interest at a floating rate linked to 28-day TIIE plus 330 basis points, maturing in February 2023. • On May 31, 2022, Petróleos Mexicanos launched a U.S.$1,984,689 invoice refinancing liability management transaction under which certain suppliers and contractors were given the opportunity to exchange outstanding invoices due from PEMEX and its productive subsidiaries for global 8.750% notes due June 2029. • On June 15, 2022, Petróleos Mexicanos renewed two promissory notes, originally issued in December 2021 and January 2022, respectively, for Ps. 2,000,000, each one, bearing interest at a floating rate linked to 28-day TIIE plus 330 basis points, maturing in March 2023. • On June 17, 2022, Petróleos Mexicanos renewed a short-term credit, originally issued in September 2021, for U.S.$500,000 bearing interest at a floating rate linked to 217-day SOFR plus 200 basis points, maturing in January 2023. • On August 19, 2022, Petróleos Mexicanos renewed a promissory note, originally issued in February 2022 for the principal amount of Ps. 5,000,000, bearing interest at a floating rate linked to 28-day TIIE plus 365 basis points, maturing in August 2023. • On August 23, 2022, Petróleos Mexicanos renewed a promissory note, originally issued in February 2022 for the principal amount of U.S.$11,362, bearing interest at a floating rate linked to 30-day SOFR plus 175 basis points, maturing in February 2023. • On September 13, 2022, Petróleos Mexicanos renewed a promissory note, originally issued in January 2021, for Ps. 4,000,000, bearing interest at a floating rate linked to 28-day TIIE plus 365 basis points, maturing in September 2023. • On October 7, 2022, Petróleos Mexicanos issued a promissory note for the principal amount of Ps. 1,500,000, bearing interest at a floating rate linked to 28-day TIIE plus 195 basis points, maturing in April 2023. • On October 17, 2022, Petróleos Mexicanos issued a promissory note for the principal amount of Ps. 1,000,000, bearing interest at a floating rate linked to 28-day TIIE plus 195 basis points, maturing in April 2023. • On October 26, 2022, Petróleos Mexicanos completed the exchange of notes previously issued under Rule 144A and under Regulation S for SEC-registered notes. The following table sets forth, the principal amount of the registered debt securities issued by Petróleos Mexicanos pursuant to such exchange of notes. Security Issuer Guarantors Principal amount outstanding U.S.$ 8.750% Notes due 2029 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,984,688 • On October 28, 2022, Petróleos Mexicanos issued a promissory note for the principal amount of Ps. 500,000, bearing interest at a floating rate linked to 28-day TIIE plus 225 basis points, maturing in April 2023. • On November 9, 2022, Petróleos Mexicanos subscribed a revolving credit line for the amount of Ps. 15,500,000, bearing interest at a floating rate linked to 28-day TIIE plus 350 basis points, maturing in November 2025. On November 28, 2022 Petróleos Mexicanos issued an amendment to increase the amount to Ps. 20,500,000. • On November 14, 2022, Petróleos Mexicanos issued a promissory note for the principal amount of Ps. 1,300,000, bearing interest at a floating rate linked to 91-day TIIE plus 280 basis points, maturing in February 2023. • On December 21, 2022, Petróleos Mexicanos subscribed a revolving credit line for the amount of U.S.$ 150,000, bearing interest at a floating rate linked to 90-day SOFR plus 295 basis points, maturing in June 2023. • On December 29, 2022, Petróleos Mexicanos issued a promissory note for the principal amount of Ps. 2,000,000, bearing interest at a floating rate linked to 28-day TIIE plus 235 basis points, maturing in March 2023. As of December 31, 2022, PEMEX had U.S.$7,664,000 and Ps. 29,500,000 in available credit lines in order to provide liquidity, which are fully used. All the financing activities mentioned above were guaranteed by Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics and their respective successors and assignees. As of December 31, 2022, the outstanding amount related to the factoring arrangement to support its suppliers amounted Ps. 18,447,086 (including U.S.$104,599) with maturities of 180 days linked to TIIE and CETES plus 160 and 280 basis points. As of December 31, 2021, the outstanding amount under PMI Trading's revolving credit line was U.S.$202,547. From January 1 to December 31, 2022, PMI Trading obtained U.S.$1,736,218 from its revolving credit line and repaid U.S.$1,775,899. As of December 31, 2022, the outstanding amount under this revolving credit line was U.S.$162,866 and the available amount was U.S.$62,134. The Federal Revenue Law applicable to PEMEX as of January 1, 2021, published in the Official Gazette of the Federation on November 25, 2020, authorized Petróleos Mexicanos and its Subsidiary Entities to incur an internal net debt up to Ps. 22,000,000 and an external net debt up to U.S.$1,000,000. PEMEX can incur additional internal or external debt, as long as the total amount of net debt does not exceed the ceiling established by the Federal Revenue Law. The Board of Directors approves the terms and conditions for the incurrence of obligations that constitute public debt of Petróleos Mexicanos for each fiscal year, in accordance with the Petróleos Mexicanos Law and the Reglamento de la Ley de Petróleos Mexicanos (Regulations to the Petróleos Mexicanos Law). The terms and conditions are promulgated in accordance with the guidelines approved by the SHCP for Petróleos Mexicanos for the respective fiscal year. During the period from January 1 to December 31, 2021, PEMEX participated in the following financing activities (floating interest rates are disclosed after debt horizon table): • On January 22, 2021, Petróleos Mexicanos entered into a credit agreement guaranteed by an export credit agency for a line of credit in the amount of U.S.$ 152,237 due January 2031, at a rate linked to the one-year London Inter Bank Offered Rate (LIBOR) plus 138 basis points. • On May 10, 2021, Petróleos Mexicanos entered into a U.S.$ 400,000 term loan in two tranches, one of U.S.$ 65,000 and the second of U.S.$ 335,000, due March 2030 and 2031, respectively. Both tranches bear interest at a floating rate linked to six-month LIBOR plus 48 basis points. • On May 21, 2021, Petróleos Mexicanos renewed and restructured a term loan for U.S.$ 300,000 which bears interest at a floating rate linked to three-month LIBOR plus a variable margin between 170 and 345 basis points determined by Petróleos Mexicanos’ long-term currency denominated debt ratings. • On July 8, 2021, Petróleos Mexicanos restructured the U.S.$150,000 term loan to a new U.S.$300,000 term loan due July 2024, which bears interest at a floating rate linked to three-month LIBOR plus 320 basis points. • On July 16, 2021, Petróleos Mexicanos entered into a U.S.$750,000 term loan due January 2023, which bears interest at a floating rate linked to three-month LIBOR plus a variable margin between 170 and 345 basis points determined by Petróleos Mexicanos long-term currency denominated debt ratings. • On October 19, 2021, Petróleos Mexicanos entered into a Ps. 4,000,000 term loan due April 15, 2022, which bears interest at a floating rate linked to the 182-day TIIE plus 248 basis points. • On November 18, 2021, Petróleos Mexicanos, renewed and increase a promissory note entered into July 2021, for Ps. 3,000,000 and an original term of 120 days. This renewal was carried out for Ps. 4,000,000 and a term of 120 days at a rate linked to the 91-day TIIE plus 257.5 basis points. • On December 16, 2021, Petróleos Mexicanos, entered into a promissory note of U.S.$1,000,000 of its 6.700% Notes due 2032 under its U.S.$112,000,000 Medium Term Notes Program, Series C. • On December 16, 2021, Petróleos Mexicanos, entered into a promissory note for the principal amount of Ps. 3,000,000 bearing interest at a floating rate linked to the 182-day TIIE plus 260 basis points, with a maturity of 180 days. • On December 17, 2021, Petróleos Mexicanos, renewed a promissory note entered into in June 2021 for the principal amount of Ps. 2,000,000 and an original term of 180 days. This renewal was agreed for an additional 180-day term at a rate linked to TIIE plus 260 basis points. In addition, Petróleos Mexicanos entered into a promissory note for the principal amount of Ps. 2,000,000 bearing interest at a floating rate of the 182-day TIIE plus 260 basis points with a maturity of 180 days. • On December 20, 2021, Petróleos Mexicanos, renewed a loan for the principal amount of Ps. 500,000 and an original term of 180 days. This renewal was agreed for an additional 180-day term at a rate linked to three-month LIBOR plus 200 basis points. • On December 21, 2021, Petróleos Mexicanos, entered into a promissory note for the principal amount of Ps. 500,000 bearing interest at a floating rate of the 28-day TIIE plus 190 basis points with a 90-day maturity. • On December 23, 2021, Petróleos Mexicanos completed a liability management transaction consisting of private offers to exchange and offers to purchase (collectively, the “Offers”), pursuant to which Petróleos Mexicanos issued an additional U.S.$5,813,567 aggregate principal amount of its 6.700% Notes due 2032 and paid an amount of cash equal to U.S.$4,484,800 as consideration for the securities accepted in the Offers, accrued and unpaid interest and other transaction fees, costs and expenses in connection with the Offers. All of the debt securities listed above are jointly and severally guaranteed by Pemex Exploration and Production, Pemex Industrial Transformation, Pemex Logistics and their respective successors and assignees. As of December 31, 2021, PEMEX had U.S.$7,664,000 and Ps. 37,000,000 in available credit lines in order to provide liquidity, of which only U.S.$50,000 are available. All of the financing activities mentioned above were guaranteed by Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics and their respective successors and assignees. From January 1 to December 31, 2021, PMI Trading obtained U.S.$43,292,749 from its revolving credit line and repaid U.S.$43,369,772. As of December 31, 2021, the outstanding amount under this revolving credit line was U.S.$2,310,042. Various financial transactions (including credit facilities and bond issuances) require compliance with various covenants that, among other things, place restrictions on the following types of transactions by PEMEX, subject to certain exceptions: • The sale of substantial assets essential for the continued operations of its business. • The incurrence of liens against its assets. • Transfers, sales or assignments of rights to payment not yet earned under contracts for the sale of crude oil or natural gas, accounts receivable or other negotiable instruments. As of December 31, 2022 and 2021 and as of the date of the issuance of these consolidated financial statements, PEMEX was in compliance with the covenants described above. As of December 31, 2022 and 2021, debt was as follows: 2022 Rate of interest (1) Maturity Pesos Foreign currency U.S. dollars Bonds Fixed from 2.29% to 9.50%, SOFR plus 2.20% to 3.00% and LIBOR plus 0.35% to 0.43% Various to 2060 1,164,663,984 U.S.$ 59,990,007 Project financing Fixed from 2.96% and LIBOR plus 0.45% to 1.38% Various to 2031 21,706,959 1,118,091 Direct loans Fixed from 5.25%, LIBOR plus 1.75% to 3.50% Various to 2031 58,490,408 3,012,749 Syndicated loans LIBOR plus 2.35% Various to 2024 48,535,750 2,500,000 Bank loans Fixed at 3.50% and LIBOR plus 1.19% and 1.25% 2023 66,239 3,412 Revolving credit lines SOFR plus 3.00%, LIBOR plus 3.58% and 3.75% and Fed effective plus 1.55% 2023 151,646,707 7,811,083 Financing of Infrastructure asset Fixed from 5.40% and 8.40% Various to 2036 23,896,275 1,230,859 Plus Factoring SOFR plus 3.15% 2023 2,030,718 104,599 Total financing in U.S. dollars 1,471,037,040 U.S.$ 75,770,800 Euros Bonds Fixed from 2.75% to 5.50% EURIBOR plus 2.40% Various to 2030 192,131,988 € 9,278,018 Direct loans Fixed at 5.11% Various to 2023 10,354,150 500,000 Total financing in Euros 202,486,138 € 9,778,018 Japanese yen Bonds Fixed from 0.54% to 3.50% Various to 2026 16,157,618 ¥ 109,915,769 Pesos Certificados bursátiles TIIE plus 1.00% and fixed from 7.19% to 7.47% Various to 2026 93,536,610 Direct loans Fixed from 6.55% and TIIE plus 0.85% to 3.65% Various to 2029 56,802,606 Plus Factoring TIIE plus 2.55% to 2.80% and CETES plus 1.60% to 2.50% 2023 16,416,368 Syndicated loans TIIE plus 0.95% Various to 2025 10,200,000 Revolving credit lines TIIE plus 1.50% to 3.50% Various to 2023 29,500,000 Monetization of Mexican Government Bonds Fixed from 9.08200% Various to 2024 99,739,938 Total financing in pesos 306,195,522 UDIs Certificados bursátiles Fixed from 3.02% to 5.23% Various to 2035 38,085,401 Other currencies Bonds Fixed from 1.75% and 3.75% Various to 2025 18,138,980 Total principal in pesos (2) 2,052,100,699 Plus: Accrued interest 39,363,297 Notes payable to contractors (3) — Total principal and interest 2,091,463,996 Less: Short-term maturities 426,584,386 Current portion of notes payable to contractors (3) — Accrued interest 39,363,297 Total short-term debt and current portion of long-term debt 465,947,683 Long-term debt Ps. 1,625,516,313 2021 Rate of interest (1) Maturity Pesos Foreign currency U.S. dollars Bonds Fixed from 1.7% to 9.5% and LIBOR plus 0.35% to 3.65% Various to 2060 Ps. 1,242,945,106 U.S.$ 60,385,508 Project financing LIBOR plus 0.28% to 1.75% Various to 2031 33,596,532 1,632,207 Direct loans Fixed from 5.25% and LIBOR plus 1.07% to 3.50% Various to 2031 60,802,906 2,953,963 Syndicated loans LIBOR plus 2.35% Various to 2024 51,458,750 2,500,000 Bank loans Fixed at 3.50% and LIBOR plus 1.19% and 1.25% Various to 2023 407,929 19,818 Revolving credit lines LIBOR plus 2.0% to 3.75% and Fed effective plus 1.30% 2022 160,379,535 7,791,655 Financing of Infrastructure asset Fixed from 5.40% and 8.40% Various to 2036 27,232,062 1,323,004 Total financing in U.S. dollars 1,576,822,820 U.S.$ 76,606,155 Euros Bonds Fixed from 1.875% to 5.50% EURIBOR plus 2.40% Various to 2030 254,527,144 € 10,873,232 Direct loans Fixed at 5.11% Various to 2023 11,704,300 500,000 Total financing in Euros 266,231,444 € 11,373,232 Japanese yen Bonds Fixed from 0.54% to 3.5% Various to 2026 19,663,527 ¥ 109,913,510 Pesos Certificados bursátiles TIIE plus 1.00% and Fixed from 7.19% to 7.47% Various to 2026 93,428,071 Direct loans Fixed from 6.55% and TIIE plus 0.85% to 5.24% Various to 2029 34,420,635 Plus Factoring TIIE plus 2.37% to 3.32% 2022 20,003,268 Syndicated loans TIIE plus 0.95% Various to 2025 15,000,000 Revolving credit lines TIIE plus 1.50% and 2.90% Various to 2022 37,000,000 Monetization of Mexican Government Bonds Fixed at 8.56275% Various to 2023 83,401,120 Total financing in pesos 283,253,094 UDIs Certificados bursátiles Fixed from 3.02% to 5.23% Various to 2035 35,454,689 Other currencies Bonds Fixed from 1.75% to 8.25% Various to 2025 30,503,050 Total principal in pesos (2) 2,211,928,624 Plus: Accrued interest 37,338,471 Notes payable to contractors (3) 428,799 Total principal and interest 2,249,695,894 Less: Short-term maturities 454,516,343 Current portion of notes payable to contractors (3) 428,799 Accrued interest 37,338,471 Total short-term debt and current portion of long-term debt 492,283,613 Long-term debt Ps. 1,757,412,281 The following table presents the roll-forward of total debt of PEMEX for each of the year ended December 31, 2022 and 2021, which includes short and long-term debt: 2022 (1) 2021 (1) Changes in total debt: At the beginning of the year Ps. 2,249,695,894 Ps. 2,258,727,317 Loans obtained - financing institutions (2) 1,064,179,416 1,652,151,747 Debt payments (1,107,159,280) (1,707,581,580) Accrued interest (3)(4) 160,020,297 162,903,771 Interest paid (154,017,189) (157,256,625) Foreign exchange (121,255,142) 40,751,264 At the end of the year Ps. 2,091,463,996 Ps. 2,249,695,894 (1) These amounts include accounts payable by Financed Public Works Contracts (“FPWC”) (formerly known as, Multiple Services Contracts), which do not generate cash flows. (2) Petróleos Mexicanos implemented a factoring scheme to support its suppliers. Amounts for 2021 totaled Ps. 15,934,904, which did not represent cash flows. (3) During 2022, includes Ps. 379,045 of premiums and awards amortizations; Ps. (355,978) of fees and expenses related to the issuance of debt and amortized cost of Ps. 3,827,232. (4) During 2021, includes Ps. 3,290,673 of premiums and awards amortizations; Ps. (2,835,359) of fees and expenses related to the issuance of debt and amortized cost of Ps. 6,226,947. 2023 2024 2025 2026 2027 2028 and Total Maturity of the total principal outstanding and accrued interest as of December 31, 2022, for each of the years ending December 31. Ps. 465,947,683 250,055,685 92,786,910 165,272,035 146,108,988 971,292,695 Ps. 2,091,463,996 A. As of December 31, 2022 and 2021, interest rates were as follows: one week SOFR of 4.3%, three month SOFR of 4.58745%, three month EURIBOR of 2.132%, three month LIBOR of 4.76720% and 2.09130%, respectively; six month LIBOR of 5.13886% and 3.38750%, respectively; 12 month LIBOR of 5.48214% and 5.83130%, respectively; TIIE rate of 10.7605% and 5.715%, respectively, for 28 days; TIIE rate of 10.975% and 5.855%, respectively, for 91 days; and TIIE rate of 11.080% and 6.020%, respectively, for 182 days. B. Includes financing from foreign banks of Ps. 1,763,576,383 and Ps. 1,946,136,632, as of December 31, 2022 and 2021, respectively. C. The total amounts of notes payable to contractors as of December 31, 2022 and 2021, current and long-term, are as follows: 2021 Total notes payable to contractors (1)(2) Ps. 428,799 Less: current portion of notes payable to contractors 428,799 Notes payable to contractors (long-term) Ps. — (1) PEMEX entered into FPWCs pursuant to which the hydrocarbons and construction in progress are property of Pemex Exploration and Production. Pursuant to the FPWC, the contractors manage the work in progress, classified as development, infrastructure and maintenance. As of December 31, 2021, PEMEX had no outstanding amount payable, as the agreement reached its maturity. (2) During 2007, Pemex Exploration and Production contracted for the purchase of a Floating Production Storage and Offloading (“FPSO”) vessel. The investment in the vessel totaled U.S.$723,575. As of December 31, 2022 there was no outstanding amount and as of December 31, 2021, the outstanding balance owed to the contractor was Ps. 445,299 (U.S.$21,437) . D. As of December 31, 2022 and 2021, PEMEX used the following exchange rates to translate the outstanding balances in foreign currencies to pesos in the statement of financial position: 2022 2021 U.S. dollar 19.4143 20.5835 Japanese yen 0.1470 0.1789 Pounds sterling 23.3496 27.8834 Euro 20.7083 23.4086 Swiss francs 20.9791 22.5924 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Leases | LEASES PEMEX leases plants, transportation and storage equipment, port facilities, buildings and land. Leases generally run for a period of one Plants, transport and storage equipment, port facilities, buildings and land leases were entered into in previous years as service, transportation and building leases. PEMEX has rights of use assets for equipment whose contractual terms are from one Lease information where PEMEX is a lessee is presented as follows: i. Rights of use assets are as follow: Rights of use assets Transportation and Plants Drilling Rights of use Port facilities Buildings Lands Total Balance as of January 1, 2021 Ps. 25,268,381 23,823,684 5,938,628 1,664,525 2,417,909 48,761 33,369 Ps. 59,195,257 Depreciation of the year (3,872,379) (2,081,243) (196,278) (88,284) (144,680) (21,841) (3,166) (6,407,871) Cancellations (2,866,335) (435,062) — — — — — (3,301,397) Additions 2,119,878 2,419,911 — — 82,388 35,157 616 4,657,950 Currency translation effect 18,381 — — — 33,020 401 692 52,494 Reversal of Impairment — — — 87,025 — — — 87,025 Balance as of December 31, 2021 Ps. 20,667,926 23,727,290 5,742,350 1,663,266 2,388,637 62,478 31,511 Ps. 54,283,458 Depreciation of the year (3,333,879) (2,050,826) (277,276) (86,342) (182,369) (29,968) (3,118) (5,963,778) Additions 4,396,333 — 434,451 — 451,013 36,400 336 5,318,533 Cancellations (1,984,257) (1,601,197) — — — — — (3,585,454) Currency translation effect (487,536) — — — (42,328) (346) (1,702) (531,912) Balance as of December 31, 2022 Ps. 19,258,587 20,075,267 5,899,525 1,576,924 2,614,953 68,564 27,027 Ps. 49,520,847 Estimated useful life 1 to 10 years 14 years 10 years 23 years 20 years 1 to 5 years 5 years ii. Leases liabilities are as follows: 2022 2021 Lease liabilities recognized at January 1 Ps. 59,351,649 63,184,128 Additions 5,318,533 4,657,950 Cancellations (4,392,850) (3,734,303) Payments of principal (7,362,686) (7,622,403) Accrued interest 4,304,918 4,773,883 Interests paid (3,274,137) (3,646,028) Foreign Exchange (2,813,852) 1,738,422 Lease liabilities at December 31, Ps. 51,131,575 59,351,649 The obligation recognized as of December 31, 2022 and 2021, amounted to Ps. 51,131,575 and Ps. 59,351,649, of which Ps. 6,680,488 and Ps. 7,902,874 were recognized in current liabilities and Ps. 44,451,087 and Ps. 51,448,775 in non-current liabilities, respectively. iii. Amounts recognized in the statement of comprehensive Income 2022 2021 Depreciation of rights of use Ps. 5,963,778 Ps. 6,407,871 Interests from lease liabilities 4,445,315 4,985,566 Expenses related to short-term leases 106,695 105,789 iv. Amounts recognized in the statement of cash flows 2022 2021 Lease payments (principal and interest) Ps. (10,636,823) Ps. (11,268,431) |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS PEMEX faces market risk caused by the volatility of hydrocarbon prices, exchange rates and interest rates, credit risk associated with investments and financial derivatives, as well as liquidity risk. In order to monitor and manage these risks, PEMEX has approved general provisions relating to financial risk management, which are comprised of policies and guidelines that promote an integrated framework for risk management, regulate the use of Derivative Financial Instruments (DFIs), and guide the development of risk mitigation strategies. This regulatory framework establishes that DFIs should be used only for the purpose of mitigating financial risk. The use of DFIs for any other purpose must be approved in accordance with PEMEX’s current internal regulation. PEMEX has a Financial Risk Working Group (FRWG) which is a specialized working group with decision-making authority on financial risk exposure, financial risk mitigation schemes, and DFIs trading of Petróleos Mexicanos, the subsidiary entities, and where applicable, the subsidiary companies. Approved DFIs are mainly traded on the Over-the-Counter (OTC) market; however, exchange traded instruments may also be used. In the case of PMI Trading, DFIs are traded on CME-Clearport. The different types of DFIs that PEMEX trades are described below in the subsections corresponding to each risk type and as related to the applicable trading markets. One of PEMEX’s policies is to contribute to minimizing the impact that unfavorable changes in financial risk factors have on its financial results by promoting an adequate balance between incoming cash flows from operations and outgoing cash flows related to its liabilities. As part of the regulatory framework for financial risk management, PEMEX has established the eligible counterparties with which it may trade DFIs and other financial instruments. In addition, certain PMI Subsidiaries have implemented a regulatory framework for risk management with respect to its activities, which consists of policies, guidelines and procedures to manage the market risk associated with its commodity trading activities in accordance with industry best practices, such as: 1) the use of DFIs for financial risk mitigation purposes; 2) the segregation of duties; 3) valuation and monitoring mechanisms, such as the generation of a daily portfolio risk report, value at risk (“VaR”) computation; and 4) VaR limits, both at a global and business unit level and the implementation of stop loss mechanisms. Given that PEMEX’s outstanding DFIs have been entered into for risk mitigation purposes, particularly with economic hedging purposes, there is no need to establish and monitor market risk limits. For those portfolios with an open market risk exposure, PEMEX’s financial risk management regulatory framework establishes the implementation and monitoring of market risk metrics and limits (such as VaR, among others). PEMEX has also established credit guidelines for DFIs that Pemex Industrial Transformation offers to its domestic customers, which include the use of guarantees and credit lines. For exchange traded DFIs PEMEX trades under the margin requirements of the corresponding exchange market, and therefore does not have internal policies for these DFIs. DFIs held with financial counterparties do not require collateral exchange clauses. Notwithstanding, PEMEX’s regulatory framework promotes credit risk mitigation strategies such as collateral exchange. PEMEX does not have an independent third party to verify compliance with these internal standards; however, PEMEX has internal control procedures that certify compliance with existing policies and guidelines. A. Risk Management I. Market Risk i. Interest rate risk PEMEX is exposed to fluctuations in floating interest rate liabilities. PEMEX is exposed to U.S. dollar LIBOR, U.S. dollar SOFR and to Mexican peso TIIE. As of December 31, 2022, 18.7% of PEMEX’s total net debt outstanding (including DFIs) consisted of floating rate debt. Occasionally, for strategic reasons or in order to offset the expected inflows and outflows, PEMEX has entered into interest rate swaps and options. Through the swap agreements, PEMEX acquires the obligation to make payments based on a fixed interest rate in exchange for receiving payments referenced to a floating interest rate. On the other hand, under the option agreements, PEMEX acquires protection against possible raises in the floating interest rates of some of its liabilities. As of December 31, 2022, Petróleos Mexicanos was a party to four interest rate swap agreements denominated in U.S. dollars for an aggregate notional amount of U.S.$511,250 at a weighted average fixed interest rate of 2.34% and a weighted average term of 2.5 years. Similarly, in order to eliminate the volatility associated with variable interest rates of long-term financing operations, PMI NASA has also executed two interest rate swap agreements denominated in U.S. dollars for an aggregate notional amount of U.S. $1,378, at a weighted average fixed interest rate of 3.80% and a weighted average term of 0.17 years. Moreover, PEMEX invests in pesos and U.S. dollars in compliance with applicable internal regulations, through portfolios that have different purposes that seek an adequate return subject to risk parameters that reduce the probability of capital losses. The objective of the investments made through these portfolios is to meet PEMEX’s obligations payable in pesos and U.S. dollars. The investments made through PEMEX’s portfolios are exposed to domestic and international interest rate risk and credit spread risk derived from government and corporate securities, and inflation risk arising from the relationship between UDIs and pesos. However, these risks are mitigated by established limits on exposure to market risk. IBOR reference rates transition As a result of the decision made by the Financial Stability Board (FSB), the Interbank Offered Rates (IBORs), such as the LIBOR in dollars (over-night “O/N”, one week “1W”, two months “2M” and twelve months “12M”) or the EURIBOR in Euros, ceased being published in 2022 and were required to be replaced by alternative reference rates, based on risk-free rates obtained from market operations. The discontinuation of the publication of these rates was originally scheduled for December 2021. Nevertheless, on November 2020, the ICE Benchmark Administration Limited (known as “ICE”) announced an extension until June 2023 for the publication of the most common LIBOR rates in dollars, (one month “1M”, three months “3M”, six months “6M” and twelve months "12M"). Therefore, PEMEX has identified and is reviewing contracts expiring after the applicable discontinuation dates, that could be impacted by the change in the aforementioned rates. As of December 31, 2022, PEMEX has a reduced number of financial instruments referenced to floating rates in U.S. dollars with maturity and interest rate fixation after June 2023. This portfolio of financial instruments is composed of debt instruments and DFIs as shown below: Reference Rate *Notional Amount Debt LIBOR 1M U.S.$ 471,780 LIBOR 3M U.S.$ 343,710 LIBOR 6M U.S.$ 787,068 DFI LIBOR 1M U.S.$ 2,500,000 LIBOR 3M U.S.$ 156,250 LIBOR 6M U.S.$ 243,750 * Note: Notional amounts with maturity after June 30, 2023. Petróleos Mexicanos has a financial instrument denominated in Euros with the EURIBOR 3M as a reference rate. This reference will continue to be published, by agreement of the European financial authorities, so the current contract does not require any amendment. In the event that TIIE ceases to be published, the portfolio of financial instruments referenced to these floating rates is composed of debt instruments and DFIs as shown below: Reference Rate *Notional Amount Debt TIIE 28D MXN 66,950,939 TIIE 91D MXN 20,392,684 DFI TIIE 28D MXN 31,733,673 * Note: Notional amounts with maturity after December 31, 2022. PEMEX’s portfolio also consists of additional debt instruments and DFIs referenced at fixed rates, which are not listed in the tables above since PEMEX’s fixed rate portfolio will not be impacted by the IBOR transition. Currently, PEMEX has been in constant communication with its counterparties, in order to carry out this transition in the most efficient way possible. In addition, as a result of the transition, PEMEX is working on any amendments to its contracts that may be required and is monitoring the evolution of the IBORs transition in the market, in order to anticipate any negative impact that these changes may have. Derived from the transition to the alternative reference rates based on risk-free rates (RFR), PEMEX has adopted the policy of not entering into new DFIs referenced to IBOR rates. Additionally, some of the discount curves that PEMEX uses to obtain the fair value of its DFIs already include on their construction instruments of the corresponding currency referenced to the new RFR. Additionally, as a result of the policy of not entering into new financing operations at floating rates linked to IBOR, during 2021 and 2022, PEMEX contracted financing operations in U.S. dollars at floating rates linked to the new RFR rates. The credit agreements of PMI Trading include flexible provisions that help realize an orderly transition to an alternative rate in the event that the LIBOR rates ceased to be published. Currently, PMI Trading’s negotiations to adopt the new benchmark rate have concluded and PMI Trading has agreed to the new benchmark of Secured Overnight Funding Rate (SOFR) starting on July 1, 2023, or on any previous date, once LIBOR ceases to be available. ii. Exchange rate risk Most of PEMEX’s revenues are denominated in U.S. dollars, a significant amount of which is derived from exports of crude oil and petroleum products, which are priced and payable in U.S. dollars. Additionally, PEMEX’s revenues from domestic sales of gasoline and diesel net of IEPS Tax, tax duties, incentives, and other related taxes, as well as domestic sales of natural gas and its byproducts, LPG and petrochemicals, are referenced to international U.S. dollar-denominated prices. PEMEX’s expenses related to hydrocarbon duties are calculated based on international U.S. dollar-denominated prices and the cost of hydrocarbon imports that PEMEX acquires for resale in Mexico or use in its facilities are indexed to international U.S. dollar-denominated prices. By contrast, PEMEX’s capital expenditure and operating expenses are established in pesos. As a result of this cash flow structure, the depreciation of the peso against the U.S. dollar increases PEMEX’s financial balance. The appreciation of the peso relative to the U.S. dollar has the opposite effect. PEMEX manages this risk without the need for hedging instruments because the impact on PEMEX’s revenues of fluctuations in the exchange rate between the U.S. dollar and the peso is offset in whole or in part by its impact on its obligations. PEMEX prioritizes debt issuances denominated in U.S. dollars; nonetheless, this is not always achievable, hence non-U.S. dollar denominated debt issued in international currencies is hedged through DFIs to mitigate their exchange rate exposure, either by swapping it into U.S. dollars or through other derivative structures. The rest of the debt is denominated in pesos or in UDIs, and for the debt denominated in UDIs, it has been converted into pesos through DFIs in order to eliminate the inflationary risk exposure. As a consequence of the above, PEMEX's debt issued in international currencies other than U.S. dollars has exchange rate risk mitigation strategies. PEMEX has selected strategies that further seek to reduce its cost of funding by leaving, in some cases, part of this exchange rate exposure unhedged when assessed as appropriate. The underlying currencies of PEMEX’s DFIs are the euro, Swiss franc, Japanese yen and pounds sterling against the U.S. dollar and UDIs against the peso. As of December 31, 2022, PEMEX did not enter into any DFIs, since no debt in currencies other than U.S. dollars or pesos was issued. During 2021, PEMEX carried out the restructure of five cross-currency swaps, two of them with a recouponing clause. These DFIs hedged the exchange rate exposure of a €1,000,000 debt with maturity in 2026, a €100,000 debt with maturity in 2030 and the 10% of a €1,250,000 debt with maturity in 2027. For this restructure PEMEX entered into, without cost, structures which are composed of a cross-currency swap and the sale of a call option, guaranteeing complete protection up to a certain exchange rate and partial protection above that level. These DFIs maintained the original contractual clauses. Once this restructure had been carried out, 25% of the issue with maturity in 2026 remained hedged with two cross-currency swaps. Additionally, during 2020, PEMEX carried out the restructure of three cross-currency swaps, one of which had a recouponing provision. These DFIs hedged the exchange rate exposure of a €1,250,000 debt with maturity in 2027. For this restructuring, PEMEX entered into, without cost, structures which are composed of a cross-currency swap and the sale of a call option, guaranteeing complete protection up to a certain exchange rate and partial protection above that level. This allowed PEMEX to eliminate the recouponing provision without cost. PEMEX recorded a total foreign exchange gain (loss) of Ps. 129,690,090, Ps. (45,675,050) and Ps. (128,949,304), for the years ended December 31, 2022, 2021 and 2020, respectively; these amounts include the unrealized foreign exchange gain (loss) associated with debt of Ps. 121,255,142, Ps. (40,751,264) and Ps. (122,099,058) for the years ended December 31, 2022, 2021 and 2020, respectively. Unrealized foreign exchange gains and losses do not impact PEMEX’s cash flows. The appreciation of the peso during 2022 caused a total net foreign exchange gain because a significant part of PEMEX’s debt, 85.08% (principal only) as of December 31, 2022, is denominated in a currency other than the Mexican peso. Due to the cash flow structure described above, the depreciation of the peso relative to the U.S. dollar does not affect PEMEX’s ability to meet U.S. dollar-denominated financial obligations and it improves PEMEX’s ability to meet peso-denominated financial obligations. On the other hand, the appreciation of the peso relative to the U.S. dollar may increase PEMEX’s peso-denominated debt service costs on a U.S. dollar basis. Certain of the PMI Subsidiaries face market risks generated by fluctuations in foreign exchange rates. In order to mitigate these risks, the boards of directors of several of these companies have authorized a policy which stipulates that financial assets must be denominated in its functional currency, unless the company owes a duty or expected payment in a currency other than its functional one. Finally, a significant amount of PMI Trading’s income and expenses, including the cost of sales and related sales costs, is derived from the trade of refined products, petrochemicals and gas liquids to PEMEX subsidiaries and third parties, whose prices are determined and are payable in U.S. dollars. PMI Trading’s exposure to foreign currency risk results primarily from the need to fund tax payments denominated in domestic currency, as well as from certain related sales costs denominated in domestic currency. PMI Trading believes it can adequately manage the risk created by the payment of taxes in domestic currency without the need to enter into hedging instruments because the exposure to this risk is marginal relative to the total flows of U.S. dollar. In addition, in the event that a potential foreign exchange risk arises in connection with a commercial transaction, PMI Trading may implement risk mitigation measures by entering into DFIs. iii. Hydrocarbon Price Risk PEMEX periodically assesses its revenues and expenditures structure in order to identify the main market risk factors that PEMEX’s cash flows are exposed to in connection with international hydrocarbon prices. Based on this assessment, PEMEX monitors its exposure to the most significant risk factors and quantifies their impact on PEMEX’s financial balance. PEMEX’s exports and domestic sales are directly or indirectly related to international hydrocarbon prices. Therefore, PEMEX is exposed to fluctuations in these prices. In terms of crude oil and natural gas, part of this risk is transferred to the Mexican Government under PEMEX’s current fiscal regime. PEMEX’s exposure to hydrocarbon prices is partly mitigated by natural hedges between its inflows and outflows. Additionally, PEMEX continuously evaluates the implementation of risk mitigation strategies, including those involving the use of DFIs, taking into consideration their operative and budgetary feasibility. In 2017, the Board of Directors of Petróleos Mexicanos approved the establishment of an Annual Oil Hedging Program. Since then, PEMEX has implemented hedging strategies to partially protect its cash flows from falls in the Mexican crude oil basket price below the one established in the Federal Revenue Law. During 2019, PEMEX entered into a crude oil hedge for fiscal year 2020, pursuant to which PEMEX hedged 243 thousand barrels per day for the period between December 2019 and December 2020, for U.S.$178,268. Afterwards, during 2020 PEMEX entered into a crude oil hedge for the first half of fiscal year 2021, pursuant to which PEMEX hedged 332.5 thousand barrels per day for the period between December 2020 and June 2021, for U.S.$119,920. During the first half of 2021 PEMEX entered into a crude oil hedge for the second half of fiscal year 2021, pursuant to which PEMEX hedged 218 thousand barrels per day on average, for the period between July 2021 and December 2021, for U.S.$39,401. During the second half of 2021 and the first half of 2022, PEMEX entered into a crude oil hedge for the fiscal year 2022, pursuant to which PEMEX hedged 309 thousand barrels per day on average for the period between January 2022 and December 2022, for U.S.$158,988. Finally, during the second half of 2022, PEMEX entered into the crude oil hedge for the fiscal year 2023, pursuant to which PEMEX hedged 100 thousand barrels per day on average for the period between January 2023 and December 2023, for U.S.$69,652. Additionally, PEMEX cash flows are exposed to crack spread movements as these determine the refining margin. During the fourth quarter of 2022, PEMEX began the implementation of a hedging strategy to protect its cash flows exposed to diesel crack spread from decrements below the level established in the Federal Revenue Law for the fiscal year 2023. This is a zero-cost strategy. In addition to supplying natural gas, Pemex Industrial Transformation can offer DFIs to its domestic customers in order to provide them with support to mitigate the risk associated with the volatility of natural gas prices. Since 2017, when this service is offered, Pemex Industrial Transformation must enter into DFIs with Petróleos Mexicanos under the opposite position to those DFIs offered to its customers in order to mitigate the market risk it would bear under such offered DFIs. Petróleos Mexicanos then transfers the related price risk derived from the DFI position held with Pemex Industrial Transformation to financial counterparties by entering into the opposite position DFIs with such parties. As of December 31, 2022, there were no DFIs since all the DFIs in its portfolios expired in 2019. In case of entering into new trades, Pemex Industrial Transformation DFI portfolios have VaR and CaR limits in order to limit market risk exposure. PMI Trading faces market risk generated by the terms of the purchase and sale of refined products and natural gas liquids, as well as the volatility of oil prices. Accordingly, it frequently enters into DFIs in order to mitigate this risk, thereby reducing the volatility of its financial results. In accordance with the risk management regulatory framework that PMI Trading has implemented, VaR and the change in profit and loss by portfolio are calculated daily and compared to the maximum applicable limits in order to implement risk mitigation mechanisms as necessary. iv. Market risk quantification The quantification of market risk exposure in PEMEX’s financial instruments is presented below, in accordance with the applicable international risk management practices. Interest rate risk quantification The quantification of interest rate risk of investment portfolios is carried out by using the one-day horizon historical VaR, with a confidence level of 95%, over a period of one year. The VaR incorporates interest rate and spread risks. In addition, for portfolios in domestic currency, the VaR includes the inflation risk embedded in securities denominated in UDI. For portfolio management purposes, interest rate risk is mitigated by VaR limits. As of December 31, 2022, the VaRs of PEMEX’s investment portfolios were Ps. (15.15) for the Peso Treasury Portfolio, Ps. 0.00 for FOLAPE, and U.S.$ 0.00 for the U.S. Dollar Treasury Portfolio. Additionally, PEMEX has a portfolio of Mexican Government bonds. It is considered that these securities are not exposed to market risk, unlike the investment portfolios’ securities. Therefore, there is no need to calculate a VaR. In addition to the exposure to interest rate fluctuations of the DFIs in which PEMEX is obligated to make payments referenced to floating rates, PEMEX’s DFIs are exposed to Mark-to-Market (“MtM”) volatility as a result of changes in the interest rate curves used in their valuation. Interest rate risk quantification was calculated for DFIs in conjunction with the interest rate risk quantification for the debt portfolio. The following table shows the sensitivity of PEMEX’s DFIs and debt portfolio to a parallel shift of 10 basis points (bp) over the zero coupon rate curves. The 10bp parallel shift may be used to estimate in a simple manner the impact for proportional values to this shift and was selected in accordance with market practices for financial risk management. For the debt portfolio, interest rate risk sensitivity was calculated taking into account both the DFI interbank market yield curves and the PEMEX curves (which were also used to estimate the debt portfolios’ fair value). These metrics were calculated solely for informational purposes and are not used for portfolio management purposes because PEMEX does not intend to prepay its debt or terminate its DFIs early. Therefore, there is no interest rate risk arising from fixed rate obligations. INTEREST RATE and CURRENCY DFIs Interest rate sensitivity to + 10 bp Interbank Yield Curves PEMEX Curves Currency Sensitivity Sensitivity Sensitivity Sensitivity CHF U.S.$ 366 U.S.$ (368) U.S.$ (2) U.S.$ 357 Euro 30,739 (27,583) 3,156 23,409 Pound Sterling 1,468 (1,458) 10 1,312 Yen 2,418 (1,237) 1,181 2,064 Peso 12,349 454 12,803 11,534 UDI 10,510 (10,143) 367 8,770 U.S. dollar 786,744 176,361 963,105 254,268 In thousands of U.S. dollars In addition, PEMEX performed a retrospective sensitivity analysis of the impact on its financial statements for the years ended December 31, 2022, 2021 and 2020, in which PEMEX assumed either an increase or decrease of 25 basis points in the floating interest rates of its debt and corresponding hedges. At December 31, 2022, 2021 and 2020, had market interest rates been 25 basis points higher, with all other variables remaining constant, the net income for the year ended December 31, 2022, would have been Ps. 796,763 lower, and the net loss for the years ended December 31, 2021 and 2020, would have been Ps. 895,382 and Ps. 606,839 higher, respectively, primarily as a result of an increase in interest expense. Conversely, had market interest rates been 25 basis points lower, the net income for the year ended December 31, 2022, would have been Ps. 796,763 higher, and the net loss for the years ended December 31, 2021 and 2020, would have been Ps. 895,382 and Ps. 606,839 lower, respectively, primarily as a result of a decrease in interest expense. Exchange rate risk quantification The investments of PEMEX’s portfolios do not face foreign exchange rate risk because the funds of such portfolios are used to meet obligations in pesos and U.S. dollars. Currency DFIs are entered into in order to hedge exchange rate risk arising from debt flows in currencies other than pesos and U.S. dollars or inflation risk arising from debt flows in UDIs. However, due to the accounting treatment, net income is exposed to MtM volatility, mainly as a result of changes in the exchange rates used in their valuation. Exchange rate risk quantification was calculated for DFIs in conjunction with the exchange rate risk quantification for the debt portfolio. The following table shows the sensitivity of PEMEX’s DFIs and debt portfolio to an increase of 1% to the exchange rates of currencies against the U.S. dollar. The 1% may be used to estimate in a simple manner the impact for proportional values to this increase and was selected in accordance with market practices for financial risk management. For the debt portfolio, exchange rate risk sensitivity was calculated taking into account both, interbank market yield curves and the PEMEX curves. In addition, the table shows the one-day horizon historical VaR of the remaining open position, with a confidence level of 95%, over a period of one year. These metrics were calculated solely for informational purposes. Nevertheless, in order to carry out management activities related to its debt portfolio, PEMEX periodically conducts quantitative analyses in order to estimate the exchange rate risk exposure generated by its debt issuances. Based on these analyses, PEMEX has elected to enter into DFIs as an exchange rate risk mitigation strategy. These DFIs along with the debt that they hedge are shown in the following table: INTEREST RATE and CURRENCY DFIs Exchange rate sensitivity +1% and VaR 95% Interbank Yield Curves Sensitivity VaR 95% PEMEX Curves Currency Sensitivity Sensitivity Sensitivity CHF U.S.$ (3,913) U.S.$ 3,964 U.S.$ 51 U.S.$ (42) U.S.$ (3,850) Euro (111,148) 76,215 (34,933) (36,092) (96,480) Pound Sterling (5,336) 5,334 (2) (3) (4,863) Yen (8,463) 2,045 (6,418) (7,542) (7,567) Peso (164,652) (17,471) (182,123) (165,737) (161,607) UDI (21,259) 20,794 (465) (435) (19,120) In thousands of U.S. dollars As shown in the table above, exchange rate risk derived from debt denominated in currencies other than pesos and U.S. dollars is almost fully hedged by DFIs. The exchange rate risk exposure to the Swiss franc, euro, pound sterling and Japanese yen is a result of the delta of the structures described above (Seagull Options and Calls), and considering the current exchange rate levels, represents a lower funding cost than the hedging strategies carried out through swaps. In addition, PEMEX performed a retrospective sensitivity analysis of the impact on its financial statements of the years ended December 31, 2022, 2021 and 2020, in which PEMEX assumed either an increase or decrease of 10% in the exchange rate between the U.S. dollar and peso in order to determine the impact on net income and equity as a result of applying these new rates to the monthly balances of assets and liabilities denominated in U.S. dollars. At December 31, 2022, 2021 and 2020, had the peso depreciated against the U.S. dollar by 10% with other variables remaining constant, the net income for the year ended December 31, 2022, would have been Ps. 198,697,226 lower, and the net loss for the years ended December 31, 2021 and 2020, would have been Ps. 172,056,924 and Ps. 168,334,391 higher, respectively, primarily as a result of an increase in the exchange rate losses. However, had the peso appreciated against the U.S. dollar by 10%, the net income for the year ended December 31, 2022, would have been higher by Ps. 198,697,226, and the net loss for the years ended December 31, 2021 and 2020, would have been lower by Ps. 172,056,924 and Ps. 168,334,391, respectively, primarily as a result of the decrease in exchange rate losses. Hydrocarbon price risk quantification Pemex Industrial Transformation occasionally faces market risk due to open positions arising from the mismatch between the DFI portfolio offered to domestic customers and hedges with international counterparties. As of December 31, 2022, Pemex Industrial Transformation’s natural gas DFI portfolios had no market risk exposure since all the DFIs in its portfolios expired in 2019. Open market risk exposure would be measured using the 20-day Delta-Gamma VaR methodology, with a confidence level of 95%, based on 500 daily observations; VaR and CaR would be monitored and mitigated by pre-established limits. It should be noted that sensitivity analyses were not carried out for other financial instruments, such as accounts receivable and payable (as defined in the financial reporting standards). Such accounts are cleared in short-term, and therefore market risk is considered to be nonexistent. Most of these accounts are related to hydrocarbon prices. In accordance with the risk management regulatory framework that PMI Trading has implemented, VaR and the change in profit and loss by portfolio are calculated daily and compared to the maximum applicable limits in order to implement risk mitigation mechanisms as necessary. PMI Trading’s global VaR associated with commodities market risk was U.S. $(4,064) as of December 31, 2022. This VaR was calculated using the historical method with a 95% confidence level, two-year history and a one-day horizon. The minimum VaR recorded on the year was U.S. $(2,504) (registered on December 12, 2022) and the maximum VaR recorded on the year was U.S. $(21,652) (registered on March 8, 2022). As of December 31, 2021, the global VaR 95% was U.S. $(4,614). The quantification of crude oil price risk is carried out by using the one-day horizon historical VaR, with a confidence level of 95%, over a period of one year. As of December 31, 2022, this was U.S.$(8,191). II. Credit Risk When the fair value of a DFI is favorable to PEMEX, PEMEX faces the risk that the counterparty will not be able to meet its obligations. PEMEX monitors its counterparties’ creditworthiness and calculates the credit risk exposure for its DFIs. As a risk mitigation strategy, PEMEX only enters into DFIs with major financial institutions with a minimum credit rating of BBB-. These ratings are issued and revised periodically by risk rating agencies. Furthermore, PEMEX seeks to maintain a diversified portfolio of counterparties. In order to estimate PEMEX’s credit risk exposure to each financial counterparty, the potential future exposure is calculated by projecting the risk factors used in the valuation of each DFI in order to estimate the MtM value for different periods, taking into account any credit risk mitigation provisions. Moreover, PEMEX has entered into various long-term cross-currency swaps agreements with “recouponing” provisions (pursuant to which the payments on the swaps are adjusted when the MtM exceeds the relevant threshold specified in the swap), thereby limiting the exposure to its counterparties to a specific threshold amount, as well as the counterparties’ exposure to PEMEX. The specified thresholds were reached in four cross-currency swap during 2022, which were used to hedge the exchange rate exposure to euro, and in one cross-currency swap during 2021, which was used to hedge the exchange rate exposure to the pounds sterling. This resulted in the cash settlement of such swaps and the resetting of swap terms to return their MtM value to zero. During 2022, PEMEX did not enter into any new cross-currency swap with these characteristics. Additionally, during 2022 PEMEX carried out a voluntary recouponing of a MXN/UDI cross-currency swap, which hedges an UDIs 721,564 debt with maturity in 2028. According to IFRS 13 “Fair Value Measurement,” the fair value or MtM value of DFIs must reflect the creditworthiness of the parties. Consequently, the fair value of a DFI takes into account the risk that either party may default on its obligation. Due to the above, PEMEX applies the credit value adjustment (“CVA”) method to calculate the fair value of its DFIs. For each DFI, the CVA is calculated by determining the difference between the MtM and the estimated MtM adjusted for credit risk. In determining the credit risk, the CVA method takes into account the current market perception about the credit risk of both counterparties, using the following inputs: a) the MtM projection for each |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of defined benefit plans [abstract] | |
Employee Benefits | EMPLOYEE BENEFITS Until December 31, 2015, Petróleos Mexicanos and Subsidiary Entities only had defined benefit pension plans for the retirement of its employees, to which only Petróleos Mexicanos and the Subsidiary Entities contribute. Benefits under these plans are based on an employee’s salary and years of service completed at retirement. As of January 1, 2016, Petróleos Mexicanos and the Subsidiary Entities also have a defined contribution pension plan, in which both Petróleos Mexicanos and the Subsidiary Entities and the employee contribute to an employee’s individual account. Benefits under the defined benefit plan are mainly based on the years of service completed by the employee, and their remuneration at the date of retirement. The obligations and costs of these plans are recognized based on an actuarial valuation prepared by independent experts. Within the regulatory framework of plan assets, there are no minimum funding requirements. Petróleos Mexicanos and the Subsidiary Entities have established additional plans to cover post-employment benefits, which are based on actuarial studies prepared by independent experts and which include disability, post-mortem pension and the death of retired employees, as well as medical services for retired employees and beneficiaries. For the defined benefit plan, Petróleos Mexicanos and Subsidiary Entities funded its employees benefits through Mexican trusts, the resources of which come from the retirement line item of PEMEX’s annual budget (an operating expense), or any other line item that substitutes or relates to this line item, or that is associated with the same line item and the interests, dividends or capital gains obtained from the investments of the trusts. In 2019, the Board of Directors of Petróleos Mexicanos approved modifications to the organic structure of PEMEX. As a result of this, the Subsidiary Entities and Petróleos Mexicanos transferred and / or received active personnel through the figure of employer substitution, with which the Subsidiary Entities and Petróleos Mexicanos recognized the retirement obligations of the transferred personnel whose impact was calculated in the actuarial study carried out by the independent experts. The following table show the amounts associated with PEMEX’s labor obligations: December 31, 2022 2021 Liability for defined benefits at retirement and post-employment at the end of the year Ps. 1,295,765,636 Ps. 1,371,307,692 Liability for other long-term benefits 11,121,039 12,763,956 Total liability for defined benefits recognized in the consolidated statement of financial position at the end of the year Ps. 1,306,886,675 Ps. 1,384,071,648 The amount reflected in Employee Benefit at the end of the year includes both the defined benefit plan (DB) and the defined contribution plan (DC). As for the defined contribution scheme, the Assets (liabilities) recognized in the balance sheet (DC-warranty) went from Ps. 2,417,049 in 2021 to Ps. 2,348,557 in 2022. The expense in the statement of comprehensive income (net cost for the period, DC-guarantee) was Ps. 452,913 and Ps.467,765 as of December 2022 and 2021, respectively. The following tables contain detailed information regarding PEMEX’s retirement and post-employment benefits: December 31, Changes in the liability for defined benefits 2022 2021 Liability for defined benefits at the beginning of the year Ps. 1,371,307,692 Ps. 1,516,671,029 Current Service cost (1) 18,446,170 41,135,899 Past service cost 524 34,573 Net interest 112,552,382 104,524,369 Liquidation event loss 1,971 49,032 Defined benefits paid by the fund (6,673,574) (6,608,749) Actuarial losses (gains) in other comprehensive results due to: Change in financial assumptions (2) (150,264,079) (266,985,561) Change in demographic assumptions (2) 2,403,864 44,085,779 For experience during the year (2) 16,188,726 2,581,184 Assets of the plan during the year (2) 277,256 (52,166) Contributions paid to the fund (68,475,296) (64,127,697) Defined benefit liabilities at end of year Ps. 1,295,765,636 Ps. 1,371,307,692 (1) The variation between 2022 and 2021 is mainly due to the result of the contractual review carried out in 2021, in which the retirement requirements were modified for the syndicated personnel. (2) The amount of actuarial losses corresponding to retirement and post-employment benefits recognized in other comprehensive income net of deferred income tax for Ps. (123,385,417) generated in the period from January to December 2022 correspond mainly to the increase in the discount rate from 8.46% in 2021 to 9.39% in 2022. Other influencing factors were the changes in obligations for movements in the population, age, seniority, salary, pensions and benefits. December 31, Changes in pension plan assets 2022 2021 Plan assets at the beginning of year Ps. 2,289,697 Ps. 2,438,724 Return on plan assets 253,721 294,713 Payments by the pension fund (68,534,502) (64,623,601) Company contributions to the fund 68,410,838 64,127,697 Actuarial (gains) losses in plan assets (121,876) 52,164 Adjustment to the Defined Contribution Plan (1) (64,388) — Pension plan assets at the end of year Ps. 2,233,490 Ps. 2,289,697 (1) The concepts come from the valuation of PMI´s liabilities. The Labor Fund reduction was due to budgetary requirements derived from the need to meet a financial balance goal in cash flow. In this sense, during 2020 PEMEX’s administration implemented a strategy and the contributions to the Fund are scheduled and executed taking into account the initial balance plus the cost of payrolls and retirements for the year, maintaining a minimum operating balance without the operational continuity risk or payment to personnel. The Contributions from PEMEX to the FOLAPE include the contribution associated to the Mexican Government Bonds exchanged, collected in December 2021 in the amount of Ps. 15,277,401 of principal, contributed during the months from January to March, 2022. Derived from the Federal Government Contribution due to the Modification of the Pension Plan of Petróleos Mexicanos and its Subsidiary Entities from April to December, 2022, PEMEX contributed to Ps. 7,544,895 of interest. From January 1 to December 31, 2022, interest income generated by the total of Government Bonds amounted Ps. 7,534,938 of which Petróleos Mexicanos received the payment of Ps. 7,455,715 (see Note 15). Expected payments for fiscal year 2023 are Ps. 85,750,924. As of December 31, 2022 and 2021, the amounts and types of plan assets are as follows: December 31, Plan Assets 2022 2021 Cash and cash equivalents Ps. 168,367 Ps. 32,199 Debt instruments 2,065,123 2,257,498 Total plan assets Ps. 2,233,490 Ps. 2,289,697 December 31, Changes in Defined Benefit Obligations (DBO) 2022 2021 Defined benefit obligations at the beginning of the year Ps. 1,373,548,493 Ps. 1,519,084,202 Service costs 17,582,708 21,151,945 Financing costs 112,801,977 104,844,611 Past service costs 524 34,573 Payments by the fund (75,208,077) (71,232,349) Amount of actuarial (losses) gains recognized in other comprehensive results due to: Change in financial assumptions (1) (150,264,079) (266,985,561) Change in demographic assumptions (2) 2,403,864 44,085,779 For experience during the year (3) 16,188,726 2,581,184 Reductions 1,971 — Modifications to the pension plan (4) 864,011 19,984,109 Defined benefit obligations at the end of year Ps. 1,297,920,118 Ps. 1,373,548,493 (1) The variations in financial assumptions are due to the increase in the discount rate from 8.46% in 2021 to 9.39% in 2022. (2) The main factor influencing in variation between 2022 and 2021 is due to the observed changes in mortality. (3) The changes in assumptions from experience depend on factors that do not necessarily have the same behavior from year to year and given by the movements in the population different to those expected, the factors that influenced the result of year 2022 were increase in salaries, departures and inflows of personnel, among others. (4) The variation between 2022 and 2021 is mainly due to the result of the contractual review carried out in 2021, in which the retirement requirements were modified for the syndicated personnel. The effects on the Defined Benefits Liability upon retirement and post-employment at the end of the period are: • The effect of an increase or decrease of one percentage point in the discount rate is a (10.39)% and 12.39%, respectively, in defined benefit obligations. • The effect of an increase or decrease of one percentage point in medical services is 2.48% and (2.20)%, respectively, in defined benefit obligations. • The effect of an increase or decrease of one percentage point in the inflation is 8.04% and (7.18)%, respectively, in defined benefit obligations. • The effect of an increase or decrease of one percentage point in the wage is 0.88% and (1.05)%, respectively, in defined benefit obligations. The effects previously mentioned were determined using the projected unit credit method which was the same method used in the prior valuation. Assumptions regarding future mortality are based on EMSSA2009 to Unique Circular of the Comisión Nacional de Seguros y Fianzas (National Commission of Insurance and Bonds) and include improvements. For the December valuation, the mortality table for retired personnel was updated using an actuarial proposal based on the experience of Petróleos Mexicanos and its Subsidiary Entities. The mortality table for the incapacitated personnel is the EMSSInc-IMSS2012 and for the disabled personnel the EMSSInv-IMSS2012. PEMEX’s plan assets is held in the FOLAPE trusts, which are managed by BBVA Bancomer, S. A. and a technical committee for each trust that is comprised of personnel from Petróleos Mexicanos and the trusts. As of December 31, 2022, FOLAPE has a balance of Ps. 167,023, while the remaining Ps. 2,066,467 belong to affiliate companies that are in charge of managing their own funds. The following tables present additional fair value disclosure about plan assets and indicate their rank, in accordance with IFRS 13, as of December 31, 2022 and 2021: Fair value measurements as of December 31, 2022 Plan assets Quoted prices in active markets for identical assets (level 1) Significant Significant Total Cash and cash equivalents Ps. 168,367 Ps. — Ps. — Ps. 168,367 Debt instruments 2,065,123 — — 2,065,123 Total Ps. 2,233,490 Ps. — Ps. — Ps. 2,233,490 Fair value measurements as of December 31, 2021 Plan assets Quoted prices in active markets for identical assets (level 1) Significant Significant Total Cash and cash equivalents Ps. 32,199 Ps. — Ps. — Ps. 32,199 Debt instruments 2,257,498 — — 2,257,498 Total Ps. 2,289,697 Ps. — Ps. — Ps. 2,289,697 As of December 31, 2022 and 2021, the principal actuarial assumptions used in determining the defined benefit obligation for the plans are as follows: December 31, 2022 2021 Rate of increase in salaries 4.47 % 4.47 % Rate of increase in pensions 4.00 % 4.00 % Rate of increase in post-mortem pensions 0.00 % 0.00 % Rate of increase in medical services 7.65 % 7.65 % Inflation assumption 4.00 % 4.00 % Rate of increase in basic basket for active personnel 5.00 % 5.00 % Rate of increase in basic basket for retired personnel 4.00 % 4.00 % Rate of increase in gas and gasoline 4.00 % 4.00 % Discount and return on plan assets rate (1) 9.39 % 8.46 % Average length of obligation (years) 13.45 14.38 (1) In accordance with IAS 19, the discount rate was determined using as a reference the interest rates observed in Mexican Government bonds, based on the Fixed Rate bonds of the Federal Government (“Bonos M”) and the “Cetes”, as well as the flow of expected payments to cover the contingent obligations. As a consequence of the change in the yields of the financial instruments mentioned above at the end of the year, the discount rate increased compared to the end of 2021. Other long-term benefits Petróleos Mexicanos and the Subsidiary Entities have established other long-term benefit plans for their employees, to which employees do not contribute, which correspond to the seniority premiums payable for disability, death and survivor benefits (payable to the widow and beneficiaries of worker), medical service, gas and basic basket for beneficiaries. Benefits under these plans are based on an employee’s salary and years of service completed at separation date. Obligations and costs of such plans are recorded in accordance with actuarial valuations performed by independent actuaries. The amounts recognized for other long-term obligations are as follows: December 31, Change in the liability for defined benefits 2022 2021 Liabilities for defined benefits at the beginning of year Ps. 12,763,956 Ps. 18,497,057 Charge to income for the year 2,010,051 2,354,238 Actuarial losses (gains) recognized in income due to: Change in financial assumptions (1,899,096) (4,121,075) Change in demographic assumptions (166,459) (2,027,902) For experience during the year (1,585,760) (1,937,645) Benefits paid (1,653) (717) Liabilities for defined benefits at the end of year Ps. 11,121,039 Ps. 12,763,956 The expected long-term benefit payments for 2023 amount to Ps. 326,674. The principal actuarial assumptions used in determining the defined benefit obligation for the plans are: • The effect of an increase or decrease of one percentage point in the discount rate is (14.12)% and 18.64%, respectively, in defined benefit obligations. • The effect of an increase or decrease of one percentage point in medical services is 6.79% and (4.55)%, respectively, in defined benefit obligations. • The effect of an increase or decrease of one percentage point in the inflation is 0.50% and (0.08)%, respectively, in defined benefit obligations. • The effect of an increase or decrease of one percentage point in the wage is 4.00% and (3.25)%, respectively in defined benefit obligations. The principal actuarial assumptions used in determining the defined benefit obligation for the plans are as follows: December 31, 2022 2021 Rate of increase in salaries 4.47 % 4.47 % Inflation assumption 4.00 % 4.00 % Rate of increase in basic basket for active personnel 5.00 % 5.00 % Rate of increase in basic basket for retired personnel 4.00 % 4.00 % Rate of increase in gas and gasoline 4.00 % 4.00 % Discount and return on plan assets rate (1) 9.39 % 8.46 % Average length of obligation (years) 13.45 14.38 (1) In accordance with IAS 19, the discount rate was determined using as a reference the interest rates observed in Mexican Government bonds denominated in pesos (Cetes and M bonds), as well as the flow of payments expected to cover contingent obligations. As a result of the profits in financial instruments at the end of 2022, the discount rate increased as compared 2021 |
Provisions for Sundry Creditors
Provisions for Sundry Creditors | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of other provisions [abstract] | |
Provisions For Sundry Creditors | PROVISIONS FOR SUNDRY CREDITORS At December 31, 2022, 2021 and 2020, the provisions for sundry creditors and others is as follows: 2022 2021 2020 Provision for plugging of wells (Note 13) Ps. 66,699,388 70,144,756 77,125,513 Provision for trails in process (Note 27) 10,533,137 11,114,006 8,321,816 Provision for environmental costs 11,914,160 11,138,904 9,178,555 Ps. 89,146,685 92,397,666 94,625,884 The following tables show the allowance account for plugging of wells, trials in progress and environmental costs: Plugging of wells 2022 2021 2020 Balance at the beginning of the year Ps. 70,144,756 77,125,513 80,849,900 (Decrease) Increase capitalized in fixed assets (3,573,843) (13,834,388) (12,816,336) Unwinding of discount against income 4,647,200 4,454,106 4,555,692 Unrealized foreign exchange loss (gains) (3,984,400) 2,454,810 4,766,921 Amount used (534,325) (55,285) (230,664) Balance at the end of the year Ps. 66,699,388 70,144,756 77,125,513 Trials in progress 2022 2021 2020 Balance at the beginning of the year Ps. 11,114,006 8,321,816 8,075,031 Additions against expenses 3,137,470 4,818,298 972,692 Provision cancellation (3,704,499) (2,025,221) (724,026) Amount used (13,840) (887) (1,881) Balance at the end of the year Ps. 10,533,137 11,114,006 8,321,816 Environmental costs 2022 2021 2020 Balance at the beginning of the year Ps. 11,138,904 9,178,555 9,086,977 Additions against expenses 1,711,108 2,424,037 1,669,063 Cancellation against expenses (856,047) (407,671) (1,574,810) Amount used (79,805) (56,017) (2,675) Balance at the end of the year Ps. 11,914,160 11,138,904 9,178,555 Provision for plugging of wells PEMEX records a provision at present value for the future plugging cost of an oil production facility or pipeline at the time that it is built. The plugging provision represents the present value of plugging costs related to oil and gas properties. These provisions have been created based on internal estimates of PEMEX. PEMEX has made certain assumptions based on the current economic environment that PEMEX believes provide a reasonable basis on which to estimate the future liability. These estimates are reviewed regularly to take into account any material changes in the assumptions. However, actual plugging costs in the long run will depend on future market prices for the necessary plugging work, which reflect market conditions at the time the work is being performed. The calculation of this provision considers the year-end exchange rate, the projected inflation rate for the United States, interpolated discount rates based on the maturity date of long-term debt instruments in U.S. markets, as well as unit costs obtained from current contracts as of the valuation date, the current status of PEMEX’s wells and the limit of proved and developed reserves as of January 1, 2023. The decrease in the provision in 2022, 2021 and 2020 against fixed assets corresponded to a decrease in the reserve limits, adjustments to the discount rate and applications to the reserve. This includes the effect of the discount rate over time of Ps. 4,647,200, Ps. 4,454,106 and Ps. 4,555,692 for 2022, 2021 and 2020, respectively. The discount rate ranges used during 2022, 2021 and 2020 were from 9.380% to 10.520%, 3.114% to 8.040% and 3.268% to 7.799% for U.S. dollar denominated assets, respectively. Moreover, the time of plugging depends on when the fields cease to have economically viable production rates, which, in turn, depends on the inherently uncertain future prices of oil and gas. Well plugging of works will be carried out as follows: Year Amount 2023 Ps. 76,691 2024 1,064,330 2025 955,654 2026 4,350,081 2027 5,640,335 More than five years 54,612,297 Total Ps. 66,699,388 Provision for environmental costs PEMEX is subject to the provisions of the Ley General del Equilibrio Ecológico y la Protección al Ambiente (General Law on Ecological Equilibrium and Environmental Protection). To comply with this law, environmental audits of PEMEX’s larger operating, storage and transportation facilities have been or are being conducted. Following the completion of such audits, PEMEX has signed various agreements to implement environmental remediation and improve environmental plans. Such plans will be sent to the Agencia Nacional de Seguridad Industrial y de Protección al Medio Ambiente del Sector Hidrocarburos |
Income Taxes and Duties
Income Taxes and Duties | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of income taxes [abstract] | |
Income Taxes and Duties | INCOME TAXES AND DUTIESAs of December 31, 2022 and 2021, income taxes and duties payable are as follow: 2022 2021 Income taxes and duties: Profit-sharing Duty Ps. 29,134,959 63,233,153 Income tax 4,268,496 3,743,571 Total income taxes and duties 33,403,455 66,976,724 Other taxes and duties: Special Tax on Production and Services 23,217,262 17,813,672 Hydrocarbons Extraction Duty 6,895,491 17,723,515 Exploration Hydrocarbons Duty 136,588 126,932 Exploration and Extraction Hydrocarbons Duty 413,371 375,903 Withheld taxes 5,800,188 9,165,475 Import taxes and duties 13,028 13,028 Other contributions payable 933,972 558,342 Total other taxes and duties 37,409,900 45,776,867 Total other income taxes and duties Ps. 70,813,355 112,753,591 The Ley de Ingresos sobre Hidrocarburos (“Hydrocarbons Revenue Law”) was published in the Official Gazette of the Federation on August 11, 2014, and came into effect, on January 1, 2015. The Hydrocarbons Revenue Law sets forth the fiscal regime for Petróleos Mexicanos applicable to the assignments and the contracts that were established on such date. Likewise, every year the Federal Revenue Law is published in the Official Gazette of the Federation and includes specific regulations for Petróleos Mexicanos and the Subsidiary Entities. Tax regime applicable to Assignments The tax regime applicable to the exploration and production for the assignments granted to PEMEX by the Mexican Government includes the following taxes and duties: A. Derecho por la Utilidad Compartida “DUC” (Profit-sharing Duty). As of January 1, 2015, Pemex Exploration and Production is obligated to pay a Profit-sharing Duty. For 2022 and 2021, the applicable rate of this duty was 40% and 54%, respectively. The computation of this duty is based on the excess of the value of hydrocarbons produced during the fiscal year (including self-consumption, shrinkage and burning), minus certain permitted deductions by the Hydrocarbons Revenue Law, including part of the investments and some costs, expenses and duties. Pursuant to the Federal Revenue Law, as of January 1, 2023, this duty was set at 40%. During 2022, this duty was Ps. 398,123,710 from annual payments presented on April 3, 2023 paid as follows: Ps. 397,567,229, resulting in a balance of Ps. 556,481 as of December 31, 2022. During 2021, this duty was Ps. 374,433,879 from annual payments presented on March 31, 2022 paid as follows: Ps. 300,374,423, in monthly installment payment and a tax credit of Ps. 73,280,000; resulting in a balance of Ps. 779,456 as of December 31, 2021. Duties and income tax paid as of December 31, 2022, 2021 and 2020 were Ps. 431,444,989, Ps. 265,883,549 and Ps. 172,369,522, respectively. The accounting result differs from the tax result mainly due to differences in depreciation, non-deductible expenses and others. Such differences generate a deferred DUC. Total DUC and other as of December 31, 2022, 2021 and 2020 are integrated as follows: 2022 2021 2020 DUC Ps. 398,123,710 374,433,879 218,912,687 Fiscal credit (1) — (73,280,000) (65,000,000) Deferred DUC expense (6,703,627) 5,673,403 696,449 Total DUC Ps. 391,420,083 306,827,282 154,609,136 (1) There was not credit tax granted for 2022. The principal factors generating the deferred DUC are the following: 2022 2021 Deferred DUC asset: Tax credits Ps. 454,631,317 571,306,914 Deferred Profit-sharing duty liability: Wells, pipelines, properties, plant and equipment (171,170,789) (241,237,295) Deferred DUC asset net 283,460,528 330,069,619 Unrecognized Deferred DUC (274,008,700) (327,321,418) Net, deferred DUC asset Ps. 9,451,828 2,748,201 The expected benefit for DUC in 2022 and 2021 was different from that which would result from applying the 40% and 54% rate to the tax base, respectively, as a result of the line items mentioned in the tables below. 2022 2021 2020 Expected expense (benefit): Ps. 236,421,472 147,520,595 (20,837,768) Increase (decrease) resulting from: Expected benefit contract (4,987,552) (5,333,064) (496,643) Non-cumulative profit (1) (778,566,830) (1,252,957,737) (2,291,937,519) Non-deductible expenses (1) 547,132,910 1,110,770,206 2,313,271,930 Production value 526,040,742 507,997,938 321,353,133 Deductible duties (51,920,424) (44,270,598) (21,850,672) DUC tax credit (2) — (73,280,000) (65,000,000) Deferred DUC (benefit) expense (6,703,627) 5,673,403 696,449 Deductions cap (75,996,608) (89,293,461) (80,589,774) DUC-Profit-sharing duty expense Ps. 391,420,083 306,827,282 154,609,136 (1) Fluctuations changes are included which have no effect on the determination of the DUC. (2) Corresponds to the tax credit granted by the Mexican Government on February 19, 2021 and April 21, 2020. On February 19, 2021, the Mexican Government, through a presidential decree, granted PEMEX a reduction in its tax burden equal to Ps. 73,280,000 for 2021. The tax benefit was granted as a measure of release of resources for PEMEX to increase investment in hydrocarbon exploration and production activities. This decrease in the Profit-sharing Duty is incremental to the one resulting from the decrease of the rate from 58% to 54% to in 2021 in accordance with amendments to the Hydrocarbons Revenue Law. B. Derecho de Extracción de Hidrocarburos (Hydrocarbons Extraction Duty). SHCP considers the effects of variations in the U.S. producer price index, or another alternative index, when it determines the rate to be published in the Official Gazette of the Federation. This duty is to be calculated using a rate based on a formula applicable to each type of hydrocarbon, the volume of production and utilizing the relevant market price for hydrocarbons in U.S. Dollars. During 2022 and 2021, Pemex Exploration and Production incurred Ps. 129,801,061 and Ps. 81,982,589 respectively, which are included in the cost of sales line item. C. Derecho de Exploración de Hidrocarburos (Exploration Hydrocarbons Duty). Pemex Exploration and Production as “assignee” must make monthly payments for this duty. The rates for 2022 were 1,548.88 pesos per square kilometer of non-producing areas. After 60 months, this tax increases to 3,703.86 pesos per square kilometer for each additional month that the area is not producing. These amounts will be updated on an annual basis in accordance with the national consumer price index. During 2022 and 2021, Pemex Exploration and Production incurred Ps. 1,638,913 and Ps. 1,443,437, respectively, which are included in the cost of sales line item. D. Impuesto por la actividad de Exploración y Extracción de Hidrocarburos (Exploration and Extraction Hydrocarbons Duty). The assignments granted by the Mexican Government create a tax on the exploration and extraction activities carried out in the corresponding area. The monthly tax paid during the exploration phase and until the extraction phase begins is 2,020.27 pesos per square kilometer. During the extraction phase of a project, a monthly tax of 8,081.17 pesos per square kilometer is payable until the relevant contract for exploration and extraction or assignment is terminated. During 2022 and 2021, the incurred tax was Ps. 4,664,541 and Ps. 4,701,122 respectively, which are included in the cost of sales line item. Tax Regime applicable to contracts: As of January 1, 2015, the tax regime applicable to Pemex Exploration and Production for contracts is set forth in the Hydrocarbons Revenue Law which regulates, among other things, the fiscal terms applicable to the exploration and extraction contracts (license, profit sharing contracts, production sharing and services) and sets duties and other taxes paid to the Mexican Government. The Hydrocarbons Revenue Law also establishes the following duties applicable to PEMEX in connection with assignments granted to it by the Mexican Government: • Cuota Contractual para la Fase Exploratoria (Exploration Phase Contractual Fee) During the exploration phase of an exploration and extraction contract, the Mexican Government is entitled to collect a monthly payment of 1,548.88 pesos per square kilometer of non-producing areas. After 60 months, this fee increases to 3,703.86 pesos per square kilometer for each additional month that the area is not producing. The fee amount will be updated on an annual basis in accordance with the national consumer price index. • Regalías (Royalties) Royalty payments to the Mexican Government are determined based on the “contractual value” of the relevant hydrocarbons, which is based on a variety of factors, including the type of underlying hydrocarbons (e.g., crude oil, associated natural gas, non-associated natural gas or condensates), the volume of production and the market price. Royalties are payable in connection with licensing contracts, production-sharing contracts and profit-sharing contracts. • Pago del Valor Contractual (Contractual Value Payment) Licensing contracts require a payment to the Mexican Government calculated as a percentage of the “contractual value” of the hydrocarbons produced, as determined by the SHCP on a contract-by-contract basis. • Porcentaje a la Utilidad Operativa (Operating Profit Payment) Production-sharing contracts and profit-sharing contracts require a payment equivalent to a specified percentage of operating profits. In the case of production-sharing contracts, this payment shall be made in-kind through delivery of the hydrocarbons produced. In the case of profit-sharing contracts, this payment shall be made in cash. • Bono a la Firma (Signing Bonus) Upon execution of a licensing contract, a signing bonus is to be paid to the Mexican Government in an amount specified by the SHCP in the relevant bidding terms and conditions or in the contracts resulting from a migration. • Impuesto por la actividad de Exploración y Extracción de Hidrocarburos (Hydrocarbons Exploration and Extraction Activities Tax) Contracts for exploration and extraction granted by the Mexican Government will include a specified tax on the exploration and extraction activities carried out in the relevant area. The monthly tax paid during the exploration phase and until the extraction phase begins is 2,020.27 pesos per square kilometer. During the extraction phase of a project, a monthly tax of 8,081.17 pesos per square kilometer is payable until the relevant contract for exploration and extraction or assignment is terminated. During 2022 and 2021 the incurred tax amounted to Ps. 226,653 and Ps. 211,095, respectively. Other applicable taxes The Subsidiary Entities are subject to the Income Tax Law and the Value Added Tax Law. Pemex Industrial Transformation is also subject to the Special Tax on Production and Services (IEPS Tax). 2022 indirect taxes are as listed below: A. IEPS Tax IEPS Sobre la Venta de los Combustibles Automotrices (IEPS Tax on the Sale of Automotive Fuels): This tax is a fee on domestic sales of automotive fuels, gasoline and diesel. Pemex Industrial Transformation collects the fee on behalf of the Mexican Government. The applicable fees for this tax are Ps. 5.49 per liter of gasoline with an octane rating lower than 91; 4.64 pesos per liter of gasoline with an octane rating greater than or equal to 91 and 6.04 pesos per liter of diesel. The amount of the fee will depend on the class of fuel. The fee is fixed yearly and adjusted on a weekly basis by the SHCP. The fees apply to sales in Mexico and imports. IEPS Beneficio de Entidades Federativas, Municipios y Demarcaciones Territoriales (IEPS Tax in Favor of States, Municipalities and Territories): This tax is a fee on domestic sales of automotive fuels, gasoline and diesel. Pemex Industrial Transformation collects the fee on behalf of the Mexican Government. The applicable fees for this tax are 48.47 cents per liter of gasoline with an octane rating of less than 91, 59.14 cents per liter of gasoline with an octane rating greater than or equal to 91 and 40.23 cents per liter of diesel. These fees change yearly in accordance with inflation. Funds gathered by this fee are allocated to Mexican states and municipalities as provided for in the Ley de Coordinación Fiscal (Tax Coordination Law). The fees only apply to sales in Mexico and are not subject to VAT. IEPS a los Combustibles Fósiles (IEPS Tax on Fossil Fuels): This tax is a fee on domestic sales of fossil fuels. Pemex Industrial Transformation collects the fee on behalf of the Mexican Government. The applicable fees for this tax are 8.30 cents per liter of propane, 10.74 cents per liter of butane, 14.56 cents per liter of gasoline and aviation fuel, 17.39 cents per liter of jet fuel and other kerosene, 17.66 cents per liter of diesel, 18.85 cents per liter of fuel oil, Ps. 21.88 per ton of petroleum coke, Ps. 51.29 per ton of coal coke, Ps. 38.62 per ton of mineral carbon and Ps. 55.83 per ton of carbon from other fossil fuels. These fees change yearly in accordance with inflation and apply to imports to Mexico. B. Value-Added Tax (“VAT”) For VAT purposes, final monthly payments are determined based on PEMEX’s cash flow, in accordance with the provisions of the Value Added Tax Law, applicable to payers of this tax. The general rate to be applied is 16%. Certain activities with incentives will have the rate of 0%. Beginning on January 1, 2019, a new Decree of fiscal incentives began to apply to the northern border region, which consisted of a credit equivalent to 50% of the general rate, applicable directly at the time of the sale or service. This incentive is applicable in six states in the northern border region and includes 43 municipalities in those states. Petróleos Mexicanos and its Subsidiary Entities apply this tax benefit to the operations they carry out within the municipalities of the States included in the Decree. VAT is applied to the sale of goods, the rendering of services, the granting of the temporary use of goods in the national territory and the importation of goods and services to the national territory. VAT taxpayers transfer VAT to their customers and are entitled to credit the VAT paid to their suppliers and on their imports. The net balance between VAT transferred to customers and paid to suppliers and on imports results each month in the VAT to be paid to the tax authorities or in an amount in favor of the taxpayer. The taxpayer has the right to credit VAT in favor against VAT payable in future months, to request a refund or to offset it against other payable federal taxes. Taxes on Income are described below: C. Income Tax As of January 1, 2015, Petróleos Mexicanos, the Subsidiary Entities and the Subsidiary Companies residing in Mexico for tax purposes are subject to the Income Tax Law. This tax is calculated by applying a rate of 30% to the tax result. Tax result is the excess of total revenues over the allowed deductions and tax losses from previous years. Accounting income differs from taxable income primarily due to the effects of inflation and differences between depreciation and other non-deductible expenses. For the years ended December 31, 2022, 2021 and 2020, Petróleos Mexicanos and its Subsidiary Companies incurred the following income tax expense (benefit): 2022 2021 2020 Current income tax Ps. 5,939,990 Ps. 3,573,731 Ps. 5,370,822 Deferred income tax (77,179,234) (3,052,891) 25,592,117 Total (benefit) expense income tax, net Ps. (71,239,244) Ps. 520,840 Ps. 30,962,939 As of December 31, 2022 and 2021, Pemex Exploration and Production and Pemex Industrial Transformation did not recognize deferred income assets of Ps. 679,649,787 and Ps. 744,802,838, respectively, due to their expectation that future tax income will not correspond to such benefits. These amounts are mainly from fiscal losses to be amortized amounting with an expiration year from 2026 to 2032. The principal factors generating the deferred income tax are the following: 2021 Recognized in Recognized in 2022 Deferred income tax asset: Provisions Ps. 11,032,260 888,794 — 11,921,054 Employee benefits provision 61,711,054 3,579,336 (8,075,854) 57,214,536 Advance payments from clients 176,967 43,248 — 220,215 Accrued liabilities 2,676,964 5,094,352 — 7,771,316 Non-recoverable accounts receivable 24,890 102,953 — 127,843 Derivative financial instruments 10,746 24,124 — 34,870 Wells, pipelines, properties and equipment 5,452,609 3,009,946 — 8,462,555 Tax loss carry-forwards (1) 8,468,185 67,960,156 — 76,428,341 Total deferred income tax asset 89,553,675 80,702,909 (8,075,854) 162,180,730 Deferred income tax liability: Wells, pipelines, properties, plant and equipment (1,191,034) (3,879,311) — (5,070,345) Other (2,150,316) 355,636 — (1,794,680) Total deferred income tax liability (3,341,350) (3,523,675) — (6,865,025) Net long-term deferred income tax asset Ps. 86,212,325 77,179,234 (8,075,854) 155,315,705 2020 Recognized in Recognized in 2021 Deferred income tax asset: Provisions Ps. 8,919,555 2,112,705 — 11,032,260 Employee benefits provision 71,640,981 3,652,157 (13,582,084) 61,711,054 Advance payments from clients 188,283 (11,316) — 176,967 Accrued liabilities 1,681,362 995,602 — 2,676,964 Non-recoverable accounts receivable 102,435 (77,545) — 24,890 Derivative financial instruments 41,735 (30,989) — 10,746 Wells, pipelines, properties and equipment 5,151,623 300,986 — 5,452,609 Tax loss carry-forwards (1) 12,427,658 (3,959,473) — 8,468,185 Total deferred income tax asset 100,153,632 2,982,127 (13,582,084) 89,553,675 Deferred income tax liability: Wells, pipelines, properties, plant and equipment (1,101,832) (89,202) — (1,191,034) Other (2,310,282) 159,966 — (2,150,316) Total deferred income tax liability (3,412,114) 70,764 — (3,341,350) Net long-term deferred income tax asset Ps. 96,741,518 3,052,891 (13,582,084) 86,212,325 (1) Tax loss carryforwards expire in 2031. Expense attributable to the profit (loss) from continuing operations before income taxes was different from that which would result from applying the 30% rate to profit, as a result of the items listed below: For the years ended December 31, 2022 2021 2020 Expected income tax expense Ps. 163,937,963 Ps. 69,725,125 Ps. 28,835,256 Increase (decrease) resulting from: Tax effect of inflation-net (23,533,416) 30,058,116 5,694,637 Fiscal updating of pipelines, properties and equipment — — (161,883) Deductible Duty (119,437,113) (90,346,164) — Unrecognized deferred tax change (99,334,219) (20,941,629) — Expected expenses from contracts — 1,311,975 — Retirement benefits 7,930,425 1,101,292 (8,206,693) Non-deductible expenses 16,019,493 3,113,625 2,405,635 Others-net (1) (16,822,377) 6,498,500 2,395,987 Income tax (benefit) expense, net Ps. (71,239,244) Ps. 520,840 Ps. 30,962,939 (1) Includes mainly impairment effect for 2022. As of December 31, 2022 and 2021, the net accumulated effect of actuarial gains and losses on deferred tax was Ps. (3,410,986) and Ps. 4,664,868, respectively. In addition, as of December 31, 2022 and 2021, the deferred tax effect of actuarial gains and losses is presented in comprehensive loss in the amounts of Ps. 8,075,854 and Ps. 13,582,084, respectively. |
Equity (Deficit)
Equity (Deficit) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Equity [abstract] | |
Equity (Deficit) | EQUITY (DEFICIT) A. Certificates of Contribution “A” The capitalization agreement between Petróleos Mexicanos and the Mexican Government states that the Certificates of Contribution “A” constitute permanent capital. For the twelve-months period ended December 31, 2022, Petróleos Mexicanos received Ps. 188,306,717 in Certificates of Contribution “A” from the Mexican Government. For the twelve-months period ended December 31, 2021, Petróleos Mexicanos received Ps. 316,354,129 in Certificates of Contribution “A” from the Mexican Government. PEMEX’s Certificates of Contribution “A” are as follows: Amount Certificates of Contribution “A” as of December 31, 2020 Ps. 524,931,447 Increase in Certificates of Contribution “A” during 2021 316,354,129 Certificates of Contribution “A” as of December 31, 2021 Ps. 841,285,576 Increase in Certificates of Contribution “A” during 2022 188,306,717 Certificates of Contribution “A” as of December 31, 2022 Ps. 1,029,592,293 Mexican Government contributions made in the form of Certificates of Contribution “A” during 2022 totaled Ps. 188,306,717 and were designated for the construction of the Dos Bocas Refinery, for the strengthening of financial position and the rehabilitation plan of the National Refining System, as follows: Date Construction of the Dos Bocas Refinery Strengthening of financial position Rehabilitation Plan of the refineries January 21 — 19,321,641 — January 21 7,500,000 — — February 14 7,500,000 — — March 8 — 26,115,898 — March 8 7,500,000 — — April 28 762,100 — — May 26 21,737,900 — — July 29 — — 969,342 August 19 4,000,000 — — August 30 2,000,000 — — September 6 — — 683,125 September 8 2,500,000 — — September 14 2,500,000 — — September 22 2,500,000 — — September 28 2,400,000 — — October 4 — — 1,618,523 October 6 2,500,000 — — October 13 2,500,000 — — October 20 2,500,000 — — October 28 2,500,000 — — November 4 2,500,000 — — November 7 — — 1,805,296 November 10 2,500,000 — — November 17 2,500,000 — — November 25 — — 892,893 November 25 2,500,000 — — December 1 4,000,000 — — December 2 800,000 — — December 5 — — 1,200,000 December 8 4,000,000 — — December 15 4,000,000 — — December 15 — — 1,000,000 December 18 15,118,286 — 4,881,713 December 29 21,000,000 — — Total 129,818,286 45,437,539 Ps. 13,050,892 B. Mexican Government contributions During 2022, Petróleos Mexicanos received a grant from the FONADIN in the amount of Ps. 23,000,000 for the acquisition of the remaining 50.005% interest in DPRLP (see Note 12). During 2021, there were no Mexican Government contributions apart from Certificates of Contribution “A”. C. Legal reserve Under Mexican law, each of the Subsidiary Companies is required to allocate a certain percentage of its net income to a legal reserve fund until the fund reaches an amount equal to a certain percentage of each Subsidiary Company’s capital stock. During 2022 and 2021, there were no changes to the legal reserve. D. Accumulated other comprehensive income (loss) As a result of the discount rate analysis related to employee benefits liability, for the periods ended December 31, 2022 and 2021 PEMEX recognized net actuarial gains in other comprehensive income (loss) net of deferred income tax for Ps. 123,385,417 and Ps. 205,401,008, respectively, which included net of deferred income tax of Ps. (8,075,854) and Ps. (13,582,084), respectively, related to retirement and post-employment benefits. The variation related to retirement and post-employment benefits was the result of an increase in the discount and return on plan assets rates from 8.46% as of December 31, 2021 to 9.39% as of December 31, 2022. E. Accumulated deficit from prior years PEMEX has recorded negative earnings in the past several years. However, the Ley de Concursos Mercantiles (“Commercial Bankruptcy Law of Mexico”) is not applicable to Petróleos Mexicanos and the Subsidiary Entities. Furthermore, the financing agreements to which PEMEX is a party do not provide for financial covenants that would be breached or events of default that would be triggered as a consequence of negative equity. F. Uncertainty related to going concern The consolidated financial statements have been prepared assuming PEMEX will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in normal course of business. However, substantial doubt about PEMEX’s ability to continue as a going concern exists. Facts and conditions PEMEX has substantial debt, incurred mainly to finance the capital expenditures needed to carry out its capital investment projects and to fund its operating expenses. Due to its heavy fiscal burden resulting from the payment of hydrocarbon extraction duties and other taxes, the cash flows derived from PEMEX’s operations in recent years have not been sufficient to fully fund its operations and capital expenditure programs, which have been partially supported by the Mexican Government's equity contributions. In addition, PEMEX´s working capital has deteriorated in recent years. In 2021 and 2022, certain ratings agencies downgraded PEMEX’s credit rating, mainly driven by the effects of COVID-19, as well the volatility of the crude oil prices and the downgrade of the Mexican Government’s sovereign debt rating, impacting PEMEX´s access to the financial markets, the cost and terms of PEMEX’s new debt and contract renegotiations that PEMEX may carry out during 2022 and 2023. These conditions have negatively impacted PEMEX´s financial performance and also its liquidity position. Although PEMEX recognized net income of Ps. 99,998,470 in 2022, during 2021 and 2020 PEMEX recognized losses of Ps. (294,775,877) and Ps. (509,052,065), respectively. In addition, as of December 31, 2022 and 2021, PEMEX had a negative equity of Ps. (1,768,822,225), and Ps. (2,170,000,783), respectively, mainly due to continuous net losses, and a negative working capital of Ps. 401,842,480 and Ps. 464,254,286, as of December 31, 2022 and 2021, respectively. PEMEX has budget autonomy, and, in public finance terms, is subject to the cash flows financial balance goals approved in the Decreto de Presupuesto de Egresos de la Federación (“Federal Expenditure Budget Decree”). This represents the difference between its gross revenues (inflows) and its total budgeted expenditures (outflows) including the financial cost of its debt, which is proposed by the SHCP and approved by the Chamber of Deputies. The Federal Budget for 2022 authorized PEMEX to have a negative financial balance budget of Ps. zero. This shortfall does not consider payments of principal of PEMEX’s debt due in 2023 which will be covered by financing activities that do not represent a net debt in terms of public debt greater than Ps. 29,912,400. PEMEX has short-term debt principal maturities (including interest payable) of Ps.465,947,683 as of December 31, 2022. The combined effect of the above-mentioned events indicates substantial doubt about PEMEX’s ability to continue as a going concern. Actions- PEMEX and the Mexican Government are carrying out the following actions, among others, to preserve liquidity and let PEMEX pay its commitments: The application of the tax credit decree to automotive fuels published in the Official Gazette of the Federation of March 4, 2022, remains for 2023, which allows PEMEX to substantially recover the value of the difference between the sale price and its international reference price, when in a scenario of oil and diesel, these are limited to the effects of inflation in the country. The reduction of the profit-sharing duty rate remains for 2023, as in 2022, since the decreased to 40.0% in 2022 from 54.0% in 2021. During early 2023, PEMEX received equity contributions of P.s 7,200,000 and issued notes totaling Ps. 41,200,000. In addition, PEMEX has plans to raise funds from the markets in accordance with prevailing conditions, to refinance its debt. Further, PEMEX has the capacity to refinance its short-term debt maturities through direct loans and revolving credit facilities and loans guaranteed by export credit agencies. PEMEX also established in conjunction with development and commercial banks Cadenas Productivas PEMEX Plus (Productive Chains Plus Program) to aid for the payment to suppliers and contractors. PEMEX's ability to refinance its short-term debt depends on factors beyond its reach. The Revenue Law for 2022 also authorized PEMEX to incur a net additional indebtedness up to Ps. 29,912,400 (Ps. 27,068,400 and U.S.$142,200), which is considered as public debt by the Mexican Government and may be used to partially cover its financial balance of zero in 2023. PEMEX reviews and aligns its capital expenditures portfolio in accordance with updated economic assumptions on a periodic basis and giving priority to those projects which increase production in an efficient manner and at the lowest cost. On December 13, 2022, the Board of Directors of Petróleos Mexicanos approved the business plan of Petróleos Mexicanos and its Subsidiary Companies for 2023-2027 (the “2023-2027 Business Plan”). Prices of crude oil, natural gas and petroleum products shown a recovery in 2022, and they are expected to continue recover during 2023. In addition, if international values for the Mexican oil price were higher than the average price of U.S. $68.7 per barrel, the price on which the zero financial balance was built, this additional revenue would enable PEMEX to achieve its business plan objectives more quickly. Petróleos Mexicanos and its Subsidiary Entities are not subject to the Commercial Bankruptcy Law of Mexico and none of PEMEX’s existing financing agreements include any financial covenants that could lead to the demand for immediate payment of its debt due to having negative equity or non-compliance with financial ratios. As a reference, PEMEX prepared its consolidated financial statements as of December 31, 2022 and 2021 on a going concern basis. There are certain conditions that have generated important uncertainty and significant doubts concerning the entity’s ability to continue operating, including recurring net losses, negative working capital and negative equity. Those financial statements do not contain any adjustments that would be required if they were not prepared on a going concern basis. G. Non-controlling interest PEMEX does not currently own all of the shares of PMI CIM and COMESA, variations in income and equity from these entities are also presented in the consolidated statements of changes in equity (deficit) as “non-controlling interest.” As of December 31, 2022, 2021 and 2020 non-controlling interest represented (losses) gains of Ps. (288,610), Ps. 128,502 and Ps. 369,692, respectively, in PEMEX’s equity (deficit). |
Cost and Expenses by Nature
Cost and Expenses by Nature | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of cost and expenses by nature [abstract] | |
Cost and Expenses by Nature | COST AND EXPENSES BY NATURE Cost and expenses by nature for each of the years ended December 31, 2022, 2021 and 2020, was as follows: 2022 2021 2020 Purchases Ps. 1,126,780,036 Ps. 518,434,795 Ps. 386,040,047 Depreciation of wells, pipelines, properties, plant and equipment, depreciation of rights of use and amortization of intangible assets 146,251,935 140,155,507 137,398,830 Exploration and Extraction Hydrocarbons Duty and taxes 136,840,962 88,596,015 43,593,642 Net periodic cost of employee benefits 129,333,812 140,215,404 128,808,540 Personnel services 107,990,777 100,401,001 103,044,657 Conservation and maintenance 78,323,591 65,239,995 69,939,632 Auxiliary services with third-parties 28,799,131 9,656,254 15,901,982 Unsuccessful wells 26,582,595 26,952,138 22,269,583 Raw materials and spare parts 26,516,438 23,504,046 18,381,313 Losses from fuels subtraction (1) 19,891,204 6,791,377 4,279,542 Other operation costs and expenses 17,671,352 79,812,903 20,573,244 Other operation taxes and duties 14,717,890 12,933,825 12,180,579 General expenses with third-parties 12,454,485 6,867,868 4,198,747 Exploration expenses 8,126,787 6,458,310 6,732,689 Freight 8,522,913 5,195,157 3,426,079 Insurance 7,384,099 6,997,343 6,068,497 Fees 6,476,622 548,928 259,186 Integrated Contracts 4,556,801 4,904,774 5,275,946 Inventory variations (2) (38,474,306) (11,544,077) 2,572,641 Total cost of sales and general expenses Ps. 1,868,747,124 Ps. 1,232,121,563 Ps. 990,945,376 (1) In accordance with Resolution RES / 179/2017, issued by the CRE, losses from fuels subtraction are losses outside the scope of the contemplated operating costs as a result of various illicit actions, including the theft of and illicit market in fuels. Pemex Logistics is responsible for distributing hydrocarbons through the pipelines and for the received products, preserving their quality and delivering them from the point of reception to the user at the point of destination. Pemex Logistics determines the volume of missing hydrocarbons through monthly calculations. (2) The variation in inventories represents the difference between the balances as of the beginning and the end of the year, as well as variations in standard and real costs. During 2022, the variation was mainly due to the increase in crude oil prices. |
Other Revenues and Other Expens
Other Revenues and Other Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Other Revenue and Expense Net [abstract] | |
Other Revenues and Other Expenses | OTHER REVENUES AND OTHER EXPENSES Other revenues and expenses-net for each of the years ended December 31, 2022, 2021 and 2020, was as follows: A. Other revenues 2022 2021 2020 Translation effect from the consolidated equity method (1) Ps. 10,383,296 Ps. — Ps. — Tax updates (2) 8,061,861 915,277 6,966 Other income (3) 7,815,529 3,028,394 909,894 Other income for services 2,797,260 4,126,750 2,420,939 Bidding terms, sanctions, penalties and other 2,353,815 1,429,152 1,170,632 Revenues from reinsurance premiums 1,772,399 110,994 2,534,466 Account debugging 1,558,361 523,365 485,562 Insurance and deposits 1,510,943 1,459,760 2,149,214 Gains on bargain purchase of business acquisition 1,271,188 — — Claims recovery 881,462 1,147,424 1,515,295 Funds from FONADIN (4) 732,194 1,674,225 — Recognition of partial income (5) 410,000 2,756,680 — Franchise fees 348,906 376,179 494,785 Gain on sale of fixed assets 43,859 52,266 50,215 Participation rights (6) — — 30,878 Total other revenues Ps. 39,941,073 Ps. 17,600,466 Ps. 11,768,846 (1) As of December 31, 2022 PEMEX recognized Ps.10,383,296 of currency translation effects from the investment in DPRLP into other income, as a result of derecognizing the equity method (see Note 12-B). (2) As of December 31, 2022 PEMEX recognized tax updates "VAT", recovery from IEPS tax variable fee and cancellation of obligations due to losses by legal resolution. (3) As of December 31, 2022 includes mainly cancellation of trials in process provision. (4) On June 11, 2021, PEMEX was authorized by the FONADIN for a non-recoverable contribution to continue with the “Exploitation of wastewater” development project at the Miguel Hidalgo refinery, for the payment of executed work and for the associated expenses including pending estimated payments, expenses and investments related to the executed work in the amount of Ps. 4,399,765. The total non-recoverable contribution from the FONADIN was Ps. 6,073,990, of which Ps. 1,674,225 was recognized in 2021 as other income. Pemex recognized the non-recoverable contribution as deferred income, and it will be recognized over the useful life of the asset from the non-recoverable contribution; this useful life is estimated at 20 years. There are no conditions or contingencies linked to the non-recoverable contribution from FONADIN since the expenditure and capitalization has already been accrued. (5) Recognition of partial income and aimed deferred remediation agreement in favor to Petróleos Mexicanos that will be settled in November 2023. (6) Relates to operators right into EECs, to guarantee their participation interest in such contracts. B. Other expenses 2022 2021 2020 Loss from derecognition of disposal of assets (1) Ps. (19,116,521) Ps. (45,185,031) Ps. (351,010) Other expenses (3,304,653) (3,058,504) (436,723) Claims (3,140,284) (2,670,560) (376,697) Fines (24,095) (55,001) — Transportation and distribution of natural gas — — (30,284) Total other expenses Ps. (25,585,553) Ps. (50,969,096) Ps. (1,194,714) (1) For 2022 and 2021, includes mainly fixed assets from Pemex Exploration and Production without future development plans. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Related Parties | RELATED PARTIES The balances and transactions with related parties are mainly due to: (i) the sale and purchase of products, (ii) the billing of administrative services, and (iii) financial loans between related parties. Directors and employees of Petróleos Mexicanos and the Subsidiary Entities are subject to regulations related to conflict of interest such as the Petróleos Mexicanos Law, Ley Federal de Responsabilidades Administrativas de los Servidores Públicos (Federal Law of Administrative Responsibilities of Public Officials) and the Políticas y Lineamientos Anticorrupción para Petróleos Mexicanos, sus Empresas Productivas Subsidiarias y, en su caso, Empresas Filiales ( Anticorruption Policies and Guidelines for Petróleos Mexicanos, its Subsidiary Productive Companies and, where applicable, Subsidiary Companies). Under these provisions, PEMEX’s directors and employees are obligated to “recuse themselves from intervening in any way in the attention to, processing or resolution of matters in which they might have personal, family or business interest, including those where some benefit can result for themselves, their spouse, blood or affinity relatives up to the fourth degree, or civil relatives, or for third parties with which they have professional, labor or business relations, or for partners or partnerships where the public officials or the persons referred above are or have been members thereof.” Related parties include individuals and companies that do not form part of PEMEX, but that could take advantage of being in a privileged position as a result of their relationship with PEMEX. Also included are situations in which PEMEX could take advantage of a special relationship in order to benefit its financial position or results of operations. Main operations identified by PEMEX with this kind of directors and officers are as follows: Mr. Manuel Bartlett Díaz, Chief Executive Officer of CFE, was appointed member of the Board of Directors of Petróleos Mexicanos in December 2018. CFE has executed several purchase agreements with Pemex Industrial Transformation. During 2022, CFE acquired the following products from Pemex Industrial Transformation: Product 2022 Heavy fuel oil Ps. 17,204,708 Industrial diesel 13,679,071 Other 966,841 Fuel oil 584,976 Natural Gas 349,735 Freights 315 Total Ps. 32,785,646 As of December 31, 2022, CFE owed Pemex Industrial Transformation a total amount of Ps. 4,779,759. Invoices are payable between 16 and 60 days. A. Compensation of Directors and Officers For the years ended December 31, 2022, 2021 and 2020, short-term benefits of executive officers of Petróleos Mexicanos and the Subsidiary Entities paid or accrued in that year for services in all capacities was approximately Ps. 35,906, Ps. 34,360 and Ps. 30,988, respectively. Retirement post-employment and long-term employee benefits are granted as follows: As of December 31, 2022 2021 2020 Retirement Ps. 4,917 4,888 7,233 Post-employment 166 200 354 Long-term 1,681 2,468 3,702 Ps. 6,764 7,556 11,289 Except in the case of the independent members, members of the Boards of Directors of Petróleos Mexicanos and the Subsidiary Entities do not receive compensation for their services. The compensation paid or accrued during 2022, 2021 and 2020, to the independent members of the Board of Directors of Petróleos Mexicanos was approximately Ps. 7,648, Ps. 7,646 and Ps. 6,008, respectively. B. Compensation and benefits As an employee benefit, PEMEX offers salary advances to all of its eligible Petroleum Workers’ Union and non-union workers, including executive officers, pursuant to the programs set forth in the collective bargaining agreement and in the Reglamento de Trabajo del Personal de Confianza de Petróleos Mexicanos y Empresas Productivas Subsidiarias (Employment Regulation of White-Collar Employees of Petróleos Mexicanos and Subsidiary Entities), respectively. The salary advances, which are non-interest bearing, are offered to each eligible employee in an amount up to a maximum of four months’ salary and are repaid through salary deductions in equal installments over a period of either one or two years, as elected by the employee. Most employees take advantage of this benefit. The amount of salary advances outstanding to executive officers at December 31, 2022 and 2021 was Ps. 630 and Ps. 265, respectively. The amount of salary advances outstanding to executive officers at March 31, 2023 was Ps. 1,017. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and contingencies [abstract] | |
Commitments | COMMITMENTS A. PMI CIM has entered into several contracts for the sale of crude oil on the international market to foreign companies. The terms and conditions of these contracts are specific to each client, and their durations may be indefinite (evergreen contracts) or they may contain a minimum obligatory period (long-term contracts). B. PEMEX has entered into a nitrogen supply contract for the pressure maintenance program at the Cantarell complex. During 2007, an additional contract was entered into with the purpose of supplying nitrogen to the Ku-Maloob-Zap complex and extending the original contract until 2027. At December 31, 2022 and 2021, the value of the nitrogen to be supplied during the term of the contract was approximately U.S.$1,227,596 and U.S.$1,451,362, respectively. In the event of the annulment of the contract and depending on the circumstances, PEMEX has the right or the obligation to acquire the vendor’s nitrogen plant under the terms of the contract. Estimated future payments under this contract for upcoming fiscal years are as follows: Year Payment 2023 U.S.$ 263,930 2024 274,880 2025 276,192 2026 277,043 2027 135,551 Total U.S.$ 1,227,596 C. As of December 31, 2022, PEMEX had entered into FPWCs by means of which the contractor, manages and is responsible for financing performance of the work to be undertaken. Those FPWCs are grouped into the categories of development, infrastructure and/or maintenance. As of December 31, 2022 and 2021, the estimated value of these commitments was as follows: Maturity 2022 2021 Up to 1 year Ps. 634,432 Ps. 488,438 1 to 3 years 90,426 294,662 Total Ps. 724,858 Ps. 783,100 D. As of December 31, 2022 and 2021, the estimated value of the commitments that PEMEX has entered into with several contractors for the development of various infrastructure and services works was as follows: Maturity 2022 2021 Up to 1 year Ps. 61,463,967 Ps. 181,088,750 1 to 3 years 69,662,017 177,187,792 4 to 5 years 22,166,730 124,716,836 More than 5 years 3,132,471 22,643,024 Total Ps. 156,425,186 Ps. 505,636,402 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of contingent liabilities [abstract] | |
Contingencies | CONTINGENCIESIn the ordinary course of business, PEMEX is named in a number of lawsuits of various types. PEMEX evaluates the merit of each claim and assesses the likely outcome. PEMEX has not recorded provisions related to ongoing legal proceedings since an unfavorable resolution is not expected in such proceedings, with the exception of the proceeding described in further detail in this Note. PEMEX is involved in various civil, tax, criminal, administrative, labor and commercial lawsuits and arbitration proceedings. The results of these proceedings are uncertain as of the date of these consolidated financial statements. As of December 31, 2022 and 2021, PEMEX had accrued a reserve of Ps. 10,533,137 and Ps. 11,114,006, respectively, for these contingent liabilities. As of December 31, 2022, the current status of the principal lawsuits in which PEMEX is involved is as follows: • On April 4, 2011, Pemex Exploration and Production was summoned before the Séptima Sala Regional Metropolitana (“Seventh Regional Metropolitan Court”) of the Tribunal Federal de Justicia Fiscal y Administrativa (“Tax and Administrative Federal Court”) in connection with an administrative claim (No. 4957/11-17-07-1) filed by EMS Energy Services de México, S. de R.L. de C.V. and Energy Maintenance Services Group I. LLC requesting that Pemex Exploration and Production’s termination of the public works contract be declared null and void. In a concurrent proceeding, the plaintiffs also filed an administrative claim (No. 13620/15-17-06) against Pemex Exploration and Production before the Sexta Sala Regional Metropolitana (“Sixth Regional Metropolitan Court”) of the Tax and Administrative Federal Court in Mexico City seeking damages totaling U.S. $193,713 related to the above-mentioned contract. Pemex Exploration and Production filed a response requesting the two administrative claims be joined in a single proceeding, which was granted. On April 30, 2019, a judgment was issued by the Segunda Seccion de la Sala Superior (“Second Section of the Superior Court”) in favor of Pemex Exploration and Production. On June 25, 2019, the plaintiffs filed an amparo (D.A. 397/2019) before the Tercer Tribunal Colegiado en Materia Administrativa del Primer Circuito (“Third Administrative Joint Court of the First Circuit”), which was granted. On March 12, 2020, Pemex Exploration and Production filed a motion to review against the resolution granting this amparo before the Third Administrative Joint Court of the First Circuit . On October 1, 2020, the Third Administrative Joint Court declared the resolution null and void, no amount was granted in favor of the plaintiffs, among others. On February 24, 2022, an amparo (350/2020) was granted in favor of EMS Energy Services de México, S. de R.L. On March 17, 2022, a motion was filed to draw the resolution by the Suprema Corte de Justicia de la Nación (Supreme Court of Justice of the Nation). On June 16, 2022 a resolution was issued in connection with the amparo 350/2020 stating that the plaintiffs partially proved their requests, and the resolution was declared null and void, among others. On August 1, 2022, a motion to review this resolution was filed and admitted (RF 574/2022) by the Third Administrative Joint Court of the First Circuit. On September 13, 2022, representations were made under the amparo (D.A. 539/2022) filed by the plaintiffs before such Court. As of the date of these consolidated financial statements, a final resolution is still pending. • On October 18, 2019, the Sala Regional Peninsular (“Regional Peninsular Court”) of the Tribunal Federal de Justicia Administrativa (“Federal Justice Administrative Court”) in Mérida, Yucatán summoned Pemex Exploration and Production in connection with a claim (91/19-16-01-9) filed by PICO México Servicios Petroleros, S. de R.L. de C.V. requesting that Pemex Exploration and Production’s termination of the public works contract (no. 428814828) be declared null and void and seeking U.S. $137,300 for expenses and related damages, among other claims. On December 12, 2019, Pemex Exploration and Production filed a response to this claim. On March 28, 2020, a notification dated February 10, 2020, was received in which the extended claim was admitted. On February 10, 2020, the expert appointed by the plaintiff was accepted. On February 18, 2020, an extension requested by the accounting expert appointed by Pemex Exploration and Production was accepted and his opinion was filed and ratified on August 11, 2020. On June 1, 2021, an independent expert was designated. On September 30, 2021, a resolution was issued, which declared that all evidence has been filed. On October 15, 2021, the parties filed their pleadings. On November 9, 2021, this stage closed. On June 8, 2022, the Regional Peninsular Court sent the file to the Superior Court due to the amount involved in this claim.On August 22, 2022, the Regional Peninsular Court was informed that the Superior Court refused to attract this claim and on December 2, 2022 it was notified that the amparo was denied. On December 8, 2022, a complaint was filed against this resolution, which as of this date is still pending to be admitted. As of the date of these consolidated financial statements, a final resolution is still pending. • Tech Man Group, S.A. de C.V. filed an administrative claim (7804/18-17-09-8) against Pemex Industrial Transformation seeking Ps. 2,009,598 for, among other things, payment of expenses and penalties in connection with a public works contract (CO-OF-019-4008699-11) before the Tribunal Fiscal de Justicia Administrativa (Fiscal Court of Administrative Justice). On June 25, 2019, a response was filed by Pemex Industrial Transformation as well as a motion against the admission of the claim, which was accepted. On October 2, 2019, the opinion of the accounting and construction experts submitted by the defendant was filed. On February 17, 2020, Pemex Industrial Transformation requested the Fiscal Court of Administrative Justice to appoint a new accounting expert since the previous appointed expert rejected his designation. On March 2, 2020, the independent construction expert filed his opinion. On August 7, 2020, the Novena Sala Regional Metropolitana (Ninth Regional Metropolitan Court) of the Federal Justice Court appointed an independent accounting expert, who filed his report on December 7, 2020. The parties also filed their pleadings. On March 30, 2022, the Superior Court of the Fiscal Court of Administrative Justice stated that the claim was filed untimely. On June 1, 2022, the plaintiff filed an amparo against this resolution. On July 8, 022, representations were filed under the amparo 437/2022 before Décimo Quinto Tribunal Colegiado en materia Administrativa del Primer Circuito (Fifteenth Administrative Joint Court of the First Circuit). As of the date of these consolidated financial statements, a final resolution is still pending. • Constructora Norberto Odebrecht, S.A. filed an administrative claim against Pemex Industrial Transformation (file No. 4742/19-17-01-7) seeking U.S. $113,582 and Ps. 14,607 in connection with a termination resolution (no. 1,757) dated January 14, 2019, and issued by Pemex Industrial Transformation, which awarded U.S. $51,454 in favor of Pemex Industrial Transformation. The claim was admitted. On November 11, 2020, Pemex Industrial Transformation filed a response to this claim. The accounting expert filed his opinion. On June 2, 2022 an opinion by the accounting expert appointed by Pemex Industrial Transformation was filed. As of the date of these consolidated financial statements, a final resolution is still pending. • On November 24, 2021, Pemex Industrial Transformation filed a repeal request (no. RRL2021014568) seeking that the resolutions dated October 7, 2021, issued by the Hydrocarbons Verification Manager of the Tax Administration Service are declared null and void. These resolutions established charges for Special Taxes on Production and Services, Value Added Taxes, fines among other for an amount of Ps. 3,084,975. As of the date of these consolidated financial statements, a final resolution is still pending. • Micro Smart Systems de México, S. de R.L. de C.V. (MSSM) filed before the Sala Regional del Golfo Norte (Regional Court of the North Gulf) of the Tax and Administrative Federal Court (574/22-18-01-8) challenging a settlement statement dated February 17, 2022 related to a works contract number No. 424049831 issued by Pemex Exploration and Production and seeking U.S. $240,488. On April 5, 2022, the claim was admitted which was notified on May 17, 2022. On July 1, 2022, Pemex Exploration and Production filed a response to this claim, requesting Pemex Exploration and Production evidence, which was filed on August 8, 2022, and admitted by the Regional Court of the North Gulf on August 17, 2022. On September 2, 2022, this Regional Court confirmed the rejection of the evidence filed by the plaintiffs. On September 29, 2022, the First Section of the Superior Court denied a compliant motion filed by MSSM against the settlement statement dated February 17, 2022. As of the date of these financial statements, a final resolution is still pending. • On September 9, 2022, Pemex Industrial Transformation filed a repeal request against a tax credit for the 2016 fiscal year related to the Special Tax on Production and Services and Value Added Tax for an amount of Ps. 5,852,222, seeking that this resolution is declared null and void. As of the date of these financial statements, a final resolution is still pending. The results of these proceedings are uncertain until their final resolutions are issued by the appropriate authorities. PEMEX has recorded liabilities for loss contingencies when it is probable that a liability has been incurred and the amount thereof can be reasonably estimated. When a reasonable estimation could not be made, qualitative disclosure was provided in the notes to these consolidated financial statements. PEMEX does not disclose amounts accrued for each individual claim because such disclosure could adversely affect PEMEX’s legal strategy, as well as the outcome of the related litigation. Pursuant to an ordinary session held by the Board of Directors on August 23, 2013, Petróleos Mexicanos established policies for the granting of mutual guarantees, loans or any type of credit in favor of the Subsidiary Entities and Subsidiary Companies; in accordance with these policies, the Corporate Finance Department issues an opinion with its risk analysis, financial valuation, budget sufficiency, accounting treatment and conclusions. Additionally, Pemex Logistics has granted the following corporate guarantees in connection with the exploration and extraction contracts entered into by Pemex Exploration and Production, as required by the CNH: • Exploration and extraction of hydrocarbons under the deep-water license modality, Trión field (Tender CNH-A1-TRION / 2016), of U.S.$4,000,000. • Exploration and extraction of the contract area 3 Cinturón plegado perdido (Tender CNHR01- L04 / 2015), of U.S. $3,333,000. • Extraction of hydrocarbons under shared production contract of the Ek-Balam fields, of U.S.$5,000,000. • Extraction of hydrocarbons in contractual area Santuario and El Golpe 3 field, of U.S.$320,000. • Exploration and extraction of hydrocarbons under shared production contract, contractual area 2 Tampico-Misantla, of U.S.$1,250,000. • Exploration and extraction of hydrocarbons under shared production contract, contractual area 8 Cuencas del Sureste, of U.S.$1,250,000. • Exploration and extraction of hydrocarbons shared production contract, assignment AE-0398-Mission of U.S.$255,000. • Extraction of hydrocarbons under license agreement, Ogarrio field of U.S.$250,000. • Extraction of hydrocarbons under license agreement, Cárdenas and Mora fields, of U.S.$250,000. • Exploration and extraction of hydrocarbons under the deep-water license modality, contractual area 2 Perdido, of U.S.$2,500,000. • Exploration and extraction of hydrocarbons under the deep-water license modality, contractual area 5 Perdido, of U.S.$5,000,000. • Exploration and extraction of hydrocarbons under the deep-water license modality, contractual area 18 Cordilleras Mexicanas, of U.S.$5,000,000. • Exploration and extraction of hydrocarbons under shared production contract contractual area 22 Cuenca Salina, of U.S.$1,375,000. • Contractual area 16 Tampico-Misantla, Veracruz, of U.S.$1,000,000. • Contractual area 17 Tampico-Misantla, Veracruz, of U.S.$1,000,000. • Contractual area 18 Tampico-Misantla, Veracruz, of U.S.$2,000,000. • Contractual area 29 Cuencas del Sureste, of U.S.$2,500,000. • Contractual area 32 Cuencas del Sureste, of U.S.$1,250,000. • Contractual area 33 Cuencas del Sureste, of U.S.$1,250,000. • Contractual area 35 Cuencas del Sureste, of U.S.$1,250,000. • Contractual area Ébano, of U.S.$225,000. • Contractual area AE-0388-M-Miquetla (for conventional and non-conventional on-shore licenses) of U.S.$245,000. Certain other Subsidiary Entities have also granted guarantees and other contingencies. Total guarantees granted to Pemex Exploration and Production amounted to U.S.$40,503,000, equivalent to Ps. 786,337,393, as of December 31, 2022 at the closing exchange rate on December 31, 2022, of Ps. 19.4143 = U.S.$1.00. As of December 31, 2020, Pemex Logistics granted to Pemex Industrial Transformation the obligations from a lease contract for U.S.$150,000, equivalent to Ps. 2,912,145 at the closing exchange rate on December 31, 2022, of Ps. 19.4143 =U.S.$1.00, to J. Aron & Company LLC, a subsidiary of Goldman Sachs Group Inc. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | SUBSEQUENT EVENTS A. Indebtedness for 2023 The Federal Revenue Law applicable to PEMEX as of January 1, 2023, published in the Official Gazette of the Federation on November 14, 2022, authorized Petróleos Mexicanos and its Subsidiary Entities to incur an internal net debt up to Ps. 27,068,400 and an external net debt up to U.S.$142,200. PEMEX can incur additional domestic or external debt, as long as the total amount of net debt does not exceed the ceiling established by the Federal Revenue Law. B. Recent financing activities • On January 6, 2023, Petróleos Mexicanos entered into a credit line to U.S.$50,000, bearing interest at a floating rate linked to 90-day SOFR plus 300 basis points, maturing in July 2023. • On January 13, 2023, Petróleos Mexicanos issued a promissory note for the principal amount of Ps. 4,000,000 bearing interest at a floating rate linked to 28-day TIIE plus 365 basis points, maturing in January 2024. • On January 23, 2023, Petróleos Mexicanos amended a credit contract to U.S.$750,000, bearing interest at a floating rate linked to 90-day SOFR plus 350 basis points plus and adjustment for the change in the reference to 26 basis points, maturing in July 2024. • On January 27, 2023, Petróleos Mexicanos entered into a new revolving credit line of Ps. 4,000,000, bearing interest at a floating rate linked to 91-day TIIE plus 310 basis points, maturing in September 2023. • On January 27, 2023, Petróleos Mexicanos issued a promissory note for the principal amount of Ps. 4,000,000 bearing interest at a floating rate linked to 28-day TIIE plus 275 basis points, maturing in October 2023. • On January 31, 2023, Petróleos Mexicanos issued U.S.$2,000,000 of its 10.00% Notes due 2033 under its U.S.$125,000,000 Medium-Term Notes Program, Series C. All debt securities under this program are guaranteed by Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics. • On February 1, 2023, Petróleos Mexicanos issued a promissory note for the principal amount of Ps. 3,000,000 bearing interest at a floating rate linked to 28-day TIIE plus 275 basis points, maturing in May 2023. • On February 17, 2023, Petróleos Mexicanos issued a promissory note for the principal amount of U.S. $11,362 bearing interest at a floating rate linked to 30-day SOFR plus 175 basis points, maturing in February 2024. • On February 22, 2023, Petróleos Mexicanos entered into a new revolving credit line of Ps. 5,000,000, in two tranches: – Ps. 2,000,000 bearing interest at a floating rate linked to 91-day TIIE plus 320 basis points, maturing in July 2023. – Ps. 3,000,000 bearing interest at a floating rate linked to 91-day TIIE plus 325 basis points, maturing in August 2023. • On February 24, 2023, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.2,000,000 bearing interest at a floating rate linked to 28-day TIIE plus 200 basis points, maturing in August 2023. • On February 24, 2023, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.250,000 bearing interest at a floating rate linked to 28-day TIIE plus 235 basis points, maturing in February 2024. • On February 24, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.3,000,000 bearing interest at a floating rate linked to 28-day TIIE plus 360 basis points, maturing in February 2024. • On February 28, 2023, Petróleos Mexicanos entered into a new term loan credit facility of U.S.$150,000, bearing interest at a floating rate linked to90-day SOFR plus 450 basis points, maturing in February 2025. • On March 13, 2023, Petróleos Mexicanos issued a promissory note for the principal amount of U.S.$200,000 bearing interest at a fixed rate of 10.375%, maturing in March 2033. • On March 16, 2023, Petróleos Mexicanos issued a promissory note for the principal amount of U.S.$537,500 bearing interest at a fixed rate of 10.375%, maturing in March 2033. • On March 28, 2023, Petróleos Mexicanos obtained Ps.9,225,000 related to Monetization of Government Bonds, maturing in February 2024. As of December 31, 2022, the outstanding amount under the PMI Trading revolving credit line was U.S.$162,866. From January 1 to April 24, 2023, PMI Trading obtained U.S.$332,216 from its revolving credit line and repaid U.S.$335,309. As of April 24, 2023, the outstanding amount under this revolving credit line was U.S.$159,773. The available amount under this revolving credit lines was U.S.$ 65,227 as of April 24, 2023. As of April 24, 2023, PEMEX had U.S.$7,664,000 and Ps. 29,500,000 in available credit lines in order to provide liquidity, which are fully drawn. C. Exchange rates and crude oil prices As of April 24, 2023, the Mexican peso-U.S. dollar exchange rate was Ps. 18.0090 per U.S. dollar, which represents a 7.2% appreciation of the value of the peso in U.S. dollar terms as compared to the exchange rate as of December 31, 2022, which was Ps. 19.4143 per U.S. dollar. This decrease in U.S. dollar exchange rate, has led to an estimate of Ps. 126,153,436 in PEMEX’s foreign exchange gains as of April 24, 2023. As of April 24, 2023, the weighted average price of the crude oil exported by PEMEX was U.S.$69.44 per barrel. This represents a price decrease of approximately 0.4% as compared to the average price as of December 31, 2022, which was U.S.$69.71 per barrel. D. Contributions from the Mexican Government During the period from January 1 to April 24, 2023, the Mexican Government made certain contributions to Petróleos Mexicanos through the Ministry of Energy. These amounts are reflected in the table below: Date Construction of the Dos Bocas Refinery Strengthening of financial position Strengthening of Fertilizers chain January 19 Ps. — — 600,000 January 30 — — 600,000 February 23 — 6,000,000 — March 16 10,500,000 — — Total Ps. 10,500,000 6,000,000 1,200,000 |
Subsidiary Guarantor Informatio
Subsidiary Guarantor Information | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Information [abstract] | |
Subsidiary Guarantor Information | SUBSIDIARY GUARANTOR INFORMATION The following consolidating information presents: (i) condensed consolidated statements of financial position at December 31, 2022 and 2021 and condensed consolidated statements of comprehensive income and cash flows for the years ended December 31, 2022, 2021 and 2020 of Petróleos Mexicanos, the Subsidiary Guarantors and the Non-Guarantor Subsidiaries (as defined below). These condensed consolidated statements were prepared in conformity with IFRS, with one exception: for the purposes of the presentation of the subsidiary guarantor information, the Subsidiary Entities and Subsidiary Companies have been accounted for as investments under the equity method by Petróleos Mexicanos. Earnings of subsidiaries are therefore reflected in Petróleos Mexicanos’ investment account and earnings. The principal elimination entries eliminate Petróleos Mexicanos’ investment in subsidiaries and inter-company balances and transactions. Pemex Exploration and Production, Pemex Industrial Transformation, Pemex Drilling and Services (merged with Pemex Exploration and Production), Pemex Logistics (collectively, the “Subsidiary Guarantors”) and Pemex Ethylene (merged with Pemex Industrial Transformation) and Pemex Fertilizers (merged with Pemex Industrial Transformation) are 100% owned subsidiaries of the Mexican Government. The guarantees by the Subsidiary Guarantors of Petróleos Mexicanos’ payment obligations under this indebtedness are full, unconditional, joint and several. Pemex Ethylene, Pemex Fertilizers, and the Subsidiary Companies collectively comprise the non-guarantor subsidiaries (the “Non-Guarantor Subsidiaries”). The Pemex Project Funding Master Trust (the “Master Trust”), which was a trust formed for the purpose of financing PEMEX’s projects, was dissolved effective December 20, 2011 and is no longer consolidated in the financial statements of PEMEX as of December 31, 2011 and thereafter. The following table sets forth, as of December 31, 2022, the principal amount outstanding of the registered debt securities originally issued by the Master Trust. As noted above, Petróleos Mexicanos has assumed, as primary obligor, all of the obligations of the Master Trust under these debt securities. The obligations of Petróleos Mexicanos are guaranteed by the Subsidiary Guarantors: Table 1: Registered Debt Securities originally issued by the Master Trust and Assumed by Petróleos Mexicanos Security Primary Guarantors Principal amount 6.625% Guaranteed Bonds due 2035 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics U.S.$ 1,750,000 6.625% Guaranteed Bonds due 2038 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 491,175 8.625% Guaranteed Bonds due 2023 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 63,705 9.500% Guaranteed Bonds due 2027 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 168,625 The following table sets forth, as of December 31, 2022, the principal amount outstanding of the registered debt securities issued by Petróleos Mexicanos, and guaranteed by Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics. Table 2: Registered Debt Securities originally issued by Petróleos Mexicanos Security Guarantors Principal amount 9.500% Global Guaranteed Bonds due 2027 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 96,718 3.500% Notes due 2023 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,143,938 4.875% Notes due 2024 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 844,175 6.625% Notes due 2035 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 999,000 6.500% Bonds due 2041 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,560,521 5.500% Bonds due 2044 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 640,357 6.375% Bonds due 2045 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,199,747 5.625% Bonds due 2046 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 626,143 4.500% Notes due 2026 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,124,403 4.250% Notes due 2025 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 635,449 6.875% Notes due 2026 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 2,502,771 4.625% Notes due 2023 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 895,444 6.750% Bonds due 2047 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 5,548,156 5.350% Notes due 2028 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,976,720 6.350% Bonds due 2048 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,574,041 6.500% Notes due 2027 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 4,006,043 Security Guarantors Principal amount 5.950% Notes due 2031 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 3,777,381 6.490% Notes due 2027 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,538,374 6.840% Notes due 2030 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 2,345,538 6.950% Bonds due 2060 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 3,796,812 7.690% Bonds due 2050 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 8,047,831 6.500% Notes due 2029 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,204,708 6.875% Notes due 2025 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 901,836 8.750% Notes due 2029 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,908,685 6.700% Notes due 2032 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 6,779,842 Petróleos Mexicanos is the only PEMEX entity that had debt securities registered with the Securities and Exchange Commission (“SEC”) outstanding as of December 31, 2022 and as of the date of these consolidated financial statements, and all guaranteed debt is issued by Petróleos Mexicanos. The guaranties of the Subsidiary Guarantors are full and unconditional and joint and several. PEMEX’s management has not presented separate financial statements for the Subsidiary Guarantors, because it has determined that such information is not material to investors. SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION STATEMENT OF FINANCIAL POSITION As of December 31, 2022 Petróleos Subsidiary Non-guarantor Eliminations PEMEX Assets Current assets Cash and cash equivalents Ps. 14,809,052 Ps. 11,293,133 Ps. 38,312,326 Ps. — Ps. 64,414,511 Trade and other accounts receivable, derivative financial instruments and other current assets 61,562,752 197,610,993 78,288,125 — 337,461,870 Accounts receivable—inter-company 1,466,391,747 1,158,552,905 178,769,205 (2,803,713,857) — Inventories 1,695,679 79,127,255 45,195,463 — 126,018,397 Total current assets 1,544,459,230 1,446,584,286 340,565,119 (2,803,713,857) 527,894,778 Long-term receivables—intercompany 1,511,328,178 — 1,361,639 (1,512,689,817) — Investments in joint ventures and associates (1,203,291,062) 269,011,476 231,429,045 704,894,507 2,043,966 Wells, pipelines, properties, plant and equipment-net 6,832,860 1,089,869,156 272,048,834 — 1,368,750,850 Long-term notes receivables — 1,334,126 — — 1,334,126 Right of use 1,631,407 44,352,154 3,537,286 — 49,520,847 Deferred taxes 51,156,380 113,857,491 6,618,687 — 171,632,558 Intangible assets 149,947 28,673,801 1,201,186 — 30,024,934 Mexican Government Bonds 63,653,260 — — — 63,653,260 Other assets — 2,320,594 28,382,131 — 30,702,725 Total assets Ps. 1,975,920,200 Ps. 2,996,003,084 Ps. 885,143,927 Ps. (3,611,509,167) Ps. 2,245,558,044 Liabilities Current liabilities Current portion of long-term debt Ps. 398,101,726 Ps. 20,438,040 Ps. 47,407,917 Ps. — Ps. 465,947,683 Accounts payable—inter-company 1,423,626,118 1,293,390,155 86,538,902 (2,803,555,175) — Other current liabilities 31,085,188 346,977,135 85,727,252 — 463,789,575 Total current liabilities 1,852,813,032 1,660,805,330 219,674,071 (2,803,555,175) 929,737,258 Long-term debt 1,573,359,790 22,496,110 29,660,413 — 1,625,516,313 Long-term payables—inter-company — 1,511,403,321 1,445,177 (1,512,848,498) — Employee benefits, provisions for sundry creditors, other liabilities and deferred taxes 318,280,995 1,124,420,120 16,425,583 — 1,459,126,698 Total liabilities 3,744,453,817 4,319,124,881 267,205,244 (4,316,403,673) 4,014,380,269 Equity (deficit), net (1,768,533,617) (1,323,121,797) 617,938,683 704,894,506 (1,768,822,225) Total liabilities and equity Ps. 1,975,920,200 Ps. 2,996,003,084 Ps. 885,143,927 Ps. (3,611,509,167) Ps. 2,245,558,044 SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION STATEMENT OF FINANCIAL POSITION As of December 31, 2021 Petróleos Subsidiary Non-guarantor Eliminations PEMEX Assets Current assets Cash and cash equivalents Ps. 34,690,405 Ps. 6,157,869 Ps. 35,658,173 Ps. — Ps. 76,506,447 Trade and other accounts receivable, derivative financial instruments and other current assets 14,502,133 191,315,372 89,956,950 — 295,774,455 Accounts receivable—inter-company 1,915,076,979 1,080,615,236 158,628,242 (3,154,320,457) — Inventories 930,656 54,797,831 30,384,655 — 86,113,142 Total current assets 1,965,200,173 1,332,886,308 314,628,020 (3,154,320,457) 458,394,044 Long-term receivables—intercompany 1,715,204,137 — 1,846,525 (1,717,050,662) — Investments in joint ventures and associates (1,438,194,686) 172,395,250 78,073,476 1,189,980,912 2,254,952 Wells, pipelines, properties, plant and equipment-net 7,488,282 1,130,105,528 136,938,797 — 1,274,532,607 Long-term notes receivables — 1,646,290 — — 1,646,290 Right of use 666,839 52,047,552 1,569,067 — 54,283,458 Deferred taxes 53,898,456 34,644,220 3,713,163 — 92,255,839 Intangible assets 2,175 18,894,609 1,119,362 — 20,016,146 Mexican Government Bonds 109,601,905 — — — 109,601,905 Other assets — 1,165,964 37,946,966 — 39,112,930 Total assets Ps. 2,413,867,281 Ps. 2,743,785,721 Ps. 575,835,376 Ps. (3,681,390,207) Ps. 2,052,098,171 Liabilities Current liabilities Current portion of long-term debt 417,076,084 22,488,458 52,719,071 — 492,283,613 Accounts payable—inter-company 2,092,847,395 962,430,582 98,598,958 (3,153,876,935) — Other current liabilities 23,587,329 334,918,246 71,859,142 — 430,364,717 Total current liabilities 2,533,510,808 1,319,837,286 223,177,171 (3,153,876,935) 922,648,330 Long-term debt 1,715,650,511 25,978,231 15,783,539 — 1,757,412,281 Long-term payables—inter-company — 1,715,642,197 1,851,988 (1,717,494,185) — Employee benefits, provisions for sundry creditors, other liabilities and deferred taxes 334,835,252 1,196,413,505 10,789,586 — 1,542,038,343 Total liabilities 4,583,996,571 4,257,871,219 251,602,284 (4,871,371,120) 4,222,098,954 Equity (deficit), net (2,170,129,290) (1,514,085,498) 324,233,092 1,189,980,913 (2,170,000,783) Total liabilities and equity Ps. 2,413,867,281 Ps. 2,743,785,721 Ps. 575,835,376 Ps. (3,681,390,207) Ps. 2,052,098,171 SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2022 Petróleos Subsidiary Non-guarantor Eliminations PEMEX Net revenues Ps. — Ps. 2,801,812,884 Ps. 1,498,442,200 Ps. (1,922,252,125) Ps. 2,378,002,959 Services income 80,180,636 97,771,725 16,779,837 (189,346,848) 5,385,350 Total revenues 80,180,636 2,899,584,609 1,515,222,037 (2,111,598,973) 2,383,388,309 (Impairment) of wells, pipelines, properties, plant and equipment — (83,932,377) 394,356 — (83,538,021) Cost of sales 1,188,124 2,254,594,197 1,473,464,907 (2,030,684,206) 1,698,563,022 Gross income 78,992,512 561,058,035 42,151,486 (80,914,767) 601,287,266 Total general expenses 75,149,492 163,600,068 12,167,950 (80,733,408) 170,184,102 Other revenues (expenses), net 136,297 (617,947) 14,550,435 286,735 14,355,520 Operating income 3,979,317 396,840,020 44,533,971 105,376 445,458,684 Financing cost, net (53,015,543) (95,270,023) (6,927,924) (105,376) (155,318,866) Foreign exchange income (loss), net (2,577,191) 131,349,483 917,798 — 129,690,090 Profit (loss) sharing in joint ventures and associates 149,613,112 (1,982,658) 66,706,428 (213,987,481) 349,401 Income (loss) before duties, taxes and other 97,999,695 430,936,822 105,230,273 (213,987,481) 420,179,309 Total taxes, duties and other (2,412,355) 321,846,221 746,973 — 320,180,839 Net income for the year 100,412,050 109,090,601 104,483,300 (213,987,481) 99,998,470 Total other comprehensive result 27,263,372 96,178,950 (33,568,951) — 89,873,371 Total comprehensive income (loss) Ps. 127,675,422 Ps. 205,269,551 Ps. 70,914,349 Ps. (213,987,481) Ps. 189,871,841 SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2021 Petróleos Subsidiary Non-guarantor Eliminations PEMEX Net revenues Ps. — Ps. 1,815,602,641 Ps. 737,192,231 Ps. (1,062,139,493) Ps. 1,490,655,379 Services income 83,783,182 93,096,004 11,936,130 (183,842,075) 4,973,241 Total revenues 83,783,182 1,908,698,645 749,128,361 (1,245,981,568) 1,495,628,620 (Impairment) of wells, pipelines, properties, plant and equipment — (751,469) (459,126) — (1,210,595) Cost of sales 939,331 1,502,101,853 728,325,768 (1,164,716,250) 1,066,650,702 Gross income 82,843,851 405,845,323 20,343,467 (81,265,318) 427,767,323 Total general expenses 77,055,697 160,027,365 9,622,354 (81,234,555) 165,470,861 Other revenues (expenses), net 2,985,438 (37,344,472) 1,009,896 (19,492) (33,368,630) Operating income 8,773,592 208,473,486 11,731,009 (50,255) 228,927,832 Financing cost, net (54,245,927) (102,785,773) (3,907,658) 50,252 (160,889,106) Foreign exchange (loss) income, net (5,185,616) (39,529,621) (959,813) — (45,675,050) (Loss) profit in joint ventures and associates (246,891,433) (2,353,222) (10,630,620) 256,787,168 (3,088,107) (Impairment) of joint ventures — — (6,703,324) — (6,703,324) Income (loss) before duties, taxes and other (297,549,384) 63,804,870 (10,470,406) 256,787,165 12,572,245 Total taxes, duties and other (3,017,215) 308,071,088 2,294,249 — 307,348,122 Net (loss) income for the year (294,532,169) (244,266,218) (12,764,655) 256,787,165 (294,775,877) Total other comprehensive result 44,225,180 161,981,238 6,941,577 — 213,147,995 Total comprehensive (loss) income Ps. (250,306,989) Ps. (82,284,980) Ps. (5,823,078) Ps. 256,787,165 Ps. (81,627,882) SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2020 Petróleos Subsidiary Non-guarantor Eliminations PEMEX Net revenues Ps. — Ps. 1,115,845,485 Ps. 459,202,040 Ps. (626,101,165) Ps. 948,946,360 Services income 78,461,654 88,034,087 12,253,482 (174,033,739) 4,715,484 Total revenues 78,461,654 1,203,879,572 471,455,522 (800,134,904) 953,661,844 (Impairment) of wells, pipelines, properties, plant and equipment — (36,303,470) (50,230) — (36,353,700) Cost of sales 982,896 1,090,745,812 460,296,695 (719,410,713) 832,614,690 Gross income 77,478,758 76,830,290 11,108,597 (80,724,191) 84,693,454 Total general expenses 75,817,961 154,020,378 9,198,761 (80,706,414) 158,330,686 Other revenues (expenses), net 170,887 5,733,633 4,635,082 34,530 10,574,132 Operating income 1,831,684 (71,456,455) 6,544,918 16,753 (63,063,100) Financing cost, net (54,710,062) (70,134,087) (3,066,150) (16,754) (127,927,053) Foreign exchange (loss) income, net (1,778,917) (125,864,355) (1,306,032) — (128,949,304) (Loss) profit sharing in joint ventures and associates (433,417,288) 1,288,687 (12,588,491) 441,176,559 (3,540,533) (Loss) income before duties, taxes and other (488,074,583) (266,166,210) (10,415,755) 441,176,558 (323,479,990) Total taxes, duties and other 20,804,230 159,451,307 5,316,538 — 185,572,075 Net (loss) income for the year (508,878,813) (425,617,517) (15,732,293) 441,176,558 (509,052,065) Total other comprehensive result (6,062,096) (12,844,301) 7,600,985 — (11,305,412) Total comprehensive (loss) income Ps. (514,940,909) Ps. (438,461,818) Ps. (8,131,308) Ps. 441,176,558 Ps. (520,357,477) SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION STATEMENT OF CASH FLOWS For the year ended December 31, 2022 Petróleos Subsidiary Non-guarantor Eliminations PEMEX Operating activities: Net income (loss) Ps. 100,412,050 Ps. 109,090,601 Ps. 104,483,300 Ps. (213,987,481) Ps. 99,998,470 Income taxes and duties (2,412,355) 321,846,222 746,972 — 320,180,839 Depreciation and amortization of wells, pipelines, properties, plant and equipment 554,672 134,768,990 4,448,153 — 139,771,815 Amortization of intangible assets 433,850 22,598 59,894 — 516,342 Impairment of wells, pipelines, properties, plant and equipment — 83,932,376 (394,355) — 83,538,021 Capitalized unsuccessful wells — 7,110,169 — — 7,110,169 Unsuccessful wells from intangible assets — 13,911,491 — — 13,911,491 Loss from derecognition of disposal of wells, pipelines, properties, plant and equipment 770,522 20,594,151 2,358,648 — 23,723,321 Depreciation of rights of use 402,661 4,775,839 785,278 — 5,963,778 Cancellation of leases 17,489 (824,885) — — (807,396) (Gains) on bargain purchase of business acquisition — — (1,271,188) — (1,271,188) Reclassification of translation effect — — (10,383,296) — (10,383,296) Discount rate of reserve for well abandonment — 4,647,200 — — 4,647,200 Loss (profit) sharing in joint ventures and associates (149,613,112) 1,982,659 (66,706,428) 213,987,480 (349,401) Unrealized foreign exchange loss (income) (116,319,473) (7,874,293) (4,351,603) — (128,545,369) Interest expense 133,280,499 20,710,183 5,693,198 — 159,683,880 Interest income (15,912,365) (10,859,934) (455,666) — (27,227,965) Duties and taxes (6,301,293) (360,898,996) 527,037 — (366,673,252) Accounts receivable, inventories, accounts payable, DFIs and provisions 15,493,005 (52,750,442) 15,832,583 — (21,424,854) Employee benefits 18,330,319 35,818,190 126,678 — 54,275,187 Inter-company charges and deductions 511,277,041 (191,050,153) 115,670,229 (435,897,117) — Cash flows from (used in) operating activities 490,413,510 134,951,966 167,169,434 (435,897,118) 356,637,792 Investing activities: Acquisition of wells, pipelines, properties, plant and equipment and intangible assets (1,015,214) (221,783,321) (131,061,456) 13,389,062 (340,470,929) Other assets and other receivables 2,041,688 (1,388,372) (19,728,200) (13,389,063) (32,463,947) (Increase) decrease due to Inter-company investing Cash flows (used in) from investing activities 119,611,920 (223,171,693) (150,304,771) (119,070,332) (372,934,876) Financing activities: Increase in equity due to Certificates of Contribution “A” and proceeds from FONADIN grants 211,306,717 — — — 211,306,717 Collection and interest collected from the Mexican Government 7,455,715 — — — 7,455,715 Lease payments of principal and interest Loans obtained from financial institutions 428,181,800 34,447,738 601,549,878 — 1,064,179,416 Debt payments, principal only (470,070,458) (41,828,143) (595,260,679) — (1,107,159,280) Interest paid (136,869,989) (17,387,706) 301,005 — (153,956,690) Inter-company increase (decrease) financing (669,221,278) 126,720,696 (12,466,868) 554,967,450 — Net cash flows from (used in) financing activities: (629,906,783) 93,354,991 (7,226,603) 554,967,450 11,189,055 Net increase (decrease) in cash and cash equivalents (19,881,353) 5,135,264 9,638,060 — (5,108,029) Effects of foreign exchange on cash balances — — (6,983,907) — (6,983,907) Cash and cash equivalents at the beginning of the year 34,690,405 6,157,869 35,658,173 — 76,506,447 Cash and cash equivalents at the end of the year Ps. 14,809,052 Ps. 11,293,133 Ps. 38,312,326 Ps. — Ps. 64,414,511 SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION STATEMENT OF CASH FLOWS For the year ended December 31, 2021 Petróleos Subsidiary Non-guarantor Eliminations PEMEX Operating activities: Net (loss) income Ps. (294,532,169) Ps. (244,266,218) Ps. (12,764,655) Ps. 256,787,165 Ps. (294,775,877) Income taxes and duties (3,017,215) 308,071,088 2,294,249 — 307,348,122 Depreciation and amortization of wells, pipelines, properties, plant and equipment 926,413 130,462,150 2,042,802 — 133,431,365 Amortization of intangible assets 302,074 27,629 73,592 — 403,295 Impairment of wells, pipelines, properties, plant and equipment — 751,469 459,126 — 1,210,595 Capitalized unsuccessful wells — 9,730,391 — — 9,730,391 Unsuccessful wells from intangible assets — 12,565,711 — — 12,565,711 Loss from derecognition of disposal of wells, pipelines, properties, plant and equipment 165,820 47,033,371 100,431 — 47,299,622 Depreciation of rights of use 518,108 4,890,459 999,304 — 6,407,871 Reversal of impairment of rights of use — (87,025) Impairment of joint ventures — — 6,703,324 — 6,703,324 Cancellation of leases — (432,906) — — (432,906) Unrealized foreign exchange loss (income) of reserve for well abandonment — 4,454,106 — — 4,454,106 Loss (profit) sharing in joint ventures and associates 257,030,877 97,909 2,990,198 (257,030,877) 3,088,107 Unrealized foreign exchange loss (income) 37,103,050 4,878,103 2,504,194 — 44,485,347 Interest expense 152,735,265 9,319,042 2,517,340 — 164,571,647 Interest income (15,021,009) (13,696,982) (188,793) — (28,906,784) Taxes and duties (9,832,139) (247,468,399) (2,147,155) — (259,447,693) Accounts receivable, inventories, accounts payable, DFIs and provisions 36,095,181 (42,928,835) (29,866,906) — (36,700,560) Employee benefits 23,767,561 45,120,142 (1,001,049) — 67,886,654 Inter-company charges and deductions (945,742,643) (154,191,287) 116,560,178 983,373,752 — Cash flows from (used in) operating activities (759,500,826) (125,670,082) 91,276,180 983,130,040 189,235,312 Investing activities: Acquisition of wells, pipelines, properties, plant and equipment and intangible assets (305,025) (157,505,188) (77,595,821) — (235,406,034) Other assets and other receivables 435,423 4,246,730 (31,511,677) — (26,829,524) (Increase) decrease due to Inter-company investing (68,097,420) — (858,455) 68,955,875 — Cash flows (used in) from investing activities (67,967,022) (153,258,458) (109,965,953) 68,955,875 (262,235,558) Financing activities: Increase in equity due to Certificates of Contribution “A” 316,354,129 — — — 316,354,129 Collection and interest collected from the Mexican Government 22,915,255 — — — 22,915,255 Lease payments of principal and interest (388,290) (9,806,074) (1,074,067) — (11,268,431) Loans obtained from financial institutions 682,975,560 4,088,422 949,152,861 — 1,636,216,843 Debt payments, principal only (749,672,127) (8,885,244) (949,024,209) — (1,707,581,580) Interest paid (151,547,133) (5,430,171) (279,321) — (157,256,625) Inter-company increase (decrease) financing 732,126,639 300,149,402 19,809,874 (1,052,085,915) — Cash flows from (used in) financing activities: 852,764,033 280,116,335 18,585,138 (1,052,085,915) 99,379,591 Net increase (decrease) in cash and cash equivalents 25,296,185 1,187,795 (104,635) — 26,379,345 Effects of foreign exchange on cash balances — — 10,137,321 — 10,137,321 Cash and cash equivalents at the beginning of the year 9,394,220 4,970,074 25,625,487 — 39,989,781 Cash and cash equivalents at the end of the year Ps. 34,690,405 Ps. 6,157,869 Ps. 35,658,173 Ps. — Ps. 76,506,447 SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION STATEMENT OF CASH FLOWS For the year ended December 31, 2020 Petróleos Subsidiary Non-guarantor Eliminations PEMEX Operating activities: Net (loss) income Ps. (508,878,813) Ps. (425,617,517) Ps. (15,507,766) Ps. 440,952,031 Ps. (509,052,065) Income taxes and duties 20,804,230 159,451,307 5,316,538 — 185,572,075 Depreciation and amortization of wells, pipelines, properties, plant and equipment 1,066,176 126,778,686 1,786,958 — 129,631,820 Amortization of intangible assets 453,081 (30,155) 56,062 — 478,988 Impairment of wells, pipelines, properties, plant and equipment — 36,303,471 50,229 — 36,353,700 Capitalized unsuccessful wells — 10,947,702 — — 10,947,702 Unsuccessful wells from intangible assets — 8,404,284 — — 8,404,284 Loss from derecognition of disposal of wells, pipelines, properties, plant and equipment 94,065 3,004,053 2,199,444 — 5,297,562 Depreciation of rights of use 644,838 5,453,688 1,130,705 — 7,229,231 Loss from derecognition of disposal of intangible asset — — 396,118 — 396,118 Cancellation of leases — (1,101,987) — — (1,101,987) Discount rate of reserve for well abandonment — 4,555,692 — — 4,555,692 (Gains) on disposal of subsidiary companies — — (707,533) — (707,533) Loss (profit) sharing in joint ventures and associates 441,125,283 (41,685) 3,582,218 (441,125,283) 3,540,533 Unrealized foreign exchange loss (income) 117,158,102 12,040,638 3,267,503 — 132,466,243 Interest expense 134,335,289 25,908,927 1,521,026 — 161,765,242 Interest income (11,617,299) (5,124,749) — — (16,742,048) Taxes and duties 1,349,021 (155,315,035) (3,725,449) — (157,691,463) Accounts receivable, inventories, accounts payable, DFIs and provisions (16,644,218) (692,255) 22,115,695 — 4,779,222 Employee benefits (355,666) 64,873,037 (5,347,025) — 59,170,346 Inter-company charges and deductions (147,308,477) 37,878,271 35,319,045 74,111,161 — Cash flows from (used in) operating activities 32,225,612 (92,323,627) 51,453,768 73,937,909 65,293,662 Investing activities: Acquisition of wells, pipelines, properties, plant and equipment and intangible assets (349,555) (97,841,648) (40,426,953) — (138,618,156) Other assets and other receivables 930,596 (812,028) (2,640,055) — (2,521,487) (Increase) decrease due to Inter-company investing (194,281,597) — 627,372 193,654,225 — Cash flows (used in) from investing activities (193,700,556) (98,653,676) (42,439,636) 193,654,225 (141,139,643) Financing activities: Increase in equity due to Certificates of Contribution “A” 46,256,000 — — — 46,256,000 Collection and interest collected from the Mexican Government 5,800,940 — — — 5,800,940 Lease payments of principal and interest (396,917) (8,266,969) (1,346,915) — (10,010,801) Loans obtained from financial institutions 730,222,863 1,046 557,905,959 — 1,288,129,868 Debt payments, principal only (601,448,338) (4,828,154) (545,685,655) — (1,151,962,147) Interest paid (122,553,204) (7,200,077) (1,235,869) — (130,989,150) Inter-company increase (decrease) financing 84,752,963 211,415,474 (28,576,303) (267,592,134) — Cash flows from (used in) financing activities: 142,634,307 191,121,320 (18,938,783) (267,592,134) 47,224,710 Net increase (decrease) in cash and cash equivalents (18,840,637) 144,017 (9,924,651) — (28,621,271) Effects of foreign exchange on cash balances — — 7,989,421 — 7,989,421 Cash and cash equivalents at the beginning of the year 28,234,857 4,826,057 27,560,717 — 60,621,631 Cash and cash equivalents at the end of the year Ps. 9,394,220 Ps. 4,970,074 Ps. 25,625,487 Ps. — Ps. 39,989,781 |
Supplementary Information on Oi
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure - supplementary information on oil and gas exploration and production activities [Abstract] | |
Supplementary Information On Oil and Gas Exploration And Production Activities (Unaudited) | SUPPLEMENTARY INFORMATION ON OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES (UNAUDITED) Under the Mexican Constitution, all crude oil and other hydrocarbon reserves located in the subsoil of Mexico are owned by the Mexican nation and not by PEMEX. In August 2014, through the Round Zero process, the Mexican Government granted PEMEX the right to extract, but not own, certain petroleum and other hydrocarbon reserves in Mexico through assignment deeds. This note provides supplementary information on the oil and gas exploration, development and production activities of Pemex Exploration and Production in compliance with the U.S. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 932 10-5 “Extractive Activities—Oil and Gas” (“ASC Topic 932”) and Accounting Standards Update 2010-03 (see Note 3-G). As of the date of these consolidated financial statements, all exploration and production activities of Pemex Exploration and Production are conducted in Mexico. The supplemental data presented herein reflect information for all of Pemex Exploration and Production’s oil and gas producing activities. A. Capitalized costs for oil and gas producing activities (unaudited): 2022 2021 2020 Proved Properties Ps. 2,866,888,317 2,755,452,487 2,483,134,177 Construction in progress 78,758,180 65,874,785 64,911,619 Accumulated depreciation and amortization (2,150,051,501) (1,970,206,627) (1,775,163,736) Net capitalized costs Ps. 795,594,996 851,120,645 772,882,060 B. Costs incurred for oil and gas property exploration and development activities (unaudited): 2022 2021 Exploration Ps. 52,128,899 40,812,385 Development 134,415,959 96,188,784 Total costs incurred Ps. 186,544,858 137,001,169 PEMEX does not have property acquisition costs because the oil reserves it exploits are owned by the Mexican nation. Exploration costs include costs of geological and geophysical studies of fields in the amount of Ps. 12,169,758 and Ps. 10,054,253, for 2022 and 2021, respectively. These costs are accounted for as geological and geophysical exploration expenses, in accordance with the successful efforts method of accounting. Development costs include those costs incurred in obtaining access to proved reserves and providing facilities for extracting, treating, gathering and storing oil and gas. C. Results of operations for oil and gas producing activities (unaudited): 2022 2021 2020 Revenues from sale of oil and gas Ps. 1,347,063,715 944,008,383 558,051,547 Hydrocarbon duties 404,918,526 306,827,282 154,609,136 Production costs (excluding taxes) 421,514,923 310,389,017 257,571,641 Other costs and expenses 94,115,614 35,671,317 (7,024,695) Exploration expenses 38,752,353 37,006,392 31,868,857 Depreciation, depletion, amortization and accretion 173,178,527 62,569,917 845,380 1,132,479,943 752,463,925 437,870,319 Results of operations for oil and gas producing activities Ps. 214,583,772 191,544,458 120,181,228 D. Sales prices (unaudited) The following table summarizes average sales prices in U.S. dollars for each of the years ended December 31 (excluding production taxes): Description 2022 2021 2020 U.S.$ U.S.$ U.S.$ Weighted average sales price per barrel of oil equivalent (boe) (1) 69.31 52.22 27.86 Crude oil, per barrel 89.84 66.06 35.47 Natural gas, per thousand cubic feet 7.17 5.16 2.54 (1) To convert dry gas to barrels of oil equivalent, a factor of 5.201 thousand cubic feet of dry gas per barrel of oil equivalent is used. E. Crude oil and natural gas reserves (unaudited) Under the Mexican Constitution, all oil and other hydrocarbon reserves located in the subsoil of Mexico are owned by the Mexican nation and not by PEMEX. Under the Petróleos Mexicanos Law, Pemex Exploration and Production has the right to extract, but not own, these reserves, and to sell the resulting production. The exploration and development activities of Petróleos Mexicanos and the Subsidiary Entities are limited to reserves located in Mexico. Proved oil and natural gas reserves are those estimated quantities of crude oil, natural gas and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be economically producible from a given date forward, from known reservoirs and under existing economic conditions, operating methods and government regulations. Proved reserves estimates as of December 31, 2022 were prepared by the Exploration and Production segment and were reviewed by the Independent Engineering Firms (as defined below), which audit its estimates of hydrocarbon reserves. According to the Lineamientos que Regulan los Procedimientos de Cuantificación y Certificación de Reservas de la Nación (Guidelines for Regulating the Nation’s Reserves Quantification and Certification Procedures), CNH should review and approve of Hydrocarbons Reserves reports of Mexico’s operators in the month of April. As of the date of these consolidated financial statements, the proved reserves estimates as of December 31, 2022 have not been approved by the CNH. Pemex Exploration and Production estimates proved reserves based on generally accepted petroleum engineering and evaluation methods and procedures, which are based primarily on applicable SEC regulations and, as necessary, the SPE’s publication entitled Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information, dated June 25, 2019 and other SPE publications, including the SPE’s publication entitled Petroleum Resources Management System, as well as other technical sources, including Estimation and Classification of Reserves of Crude Oil, Natural Gas, and Condensate, by Chapman Cronquist, and Determination of Oil and Gas Reserves, Petroleum Society Monograph Number 1, published by the Canadian Institute of Mining and Metallurgy & Petroleum. The choice of method or combination of methods employed in the analysis of each reservoir is determined by: • Experience in the area • Stage of development • Quality and completeness of basic data • Production and pressure histories Reserves data set forth herein represents only estimates. Reserves valuation is a subjective process of estimating underground accumulations of crude oil and natural gas that cannot be measured in an exact manner. The accuracy of any reserves estimate depends on the quality of available data, engineering and geological interpretation and professional judgment. As a result, estimates of different engineers may vary. In addition, the results of drilling, testing and producing subsequent to the date of an estimate may lead to the revision of an estimate. During 2022, PEMEX did not record any material increase in PEMEX’s hydrocarbons reserves as a result of the use of new technologies. In order to ensure the reliability of PEMEX’s reserves estimation efforts, it has undertaken the internal certification of its estimates of reserves since 1996. PEMEX has established certain internal controls in connection with the preparation of its proved reserves estimates. Initially, teams of geoscientists from Pemex Exploration and Production’s exploration and exploitation business units (with each of these units covering several projects) prepare the reserves estimates, using different estimation processes for valuations relating to new discoveries and developed fields, respectively. Subsequently, the regional reserves offices collect these reserves estimates from the units and request that the Gerencia de Certificación de Reservas de Hidrocarburos , (Office of Hydrocarbon Reserves Certification), the central hydrocarbon reserves management body of Pemex Exploration and Production, review and certify such valuations and the recording of the related reserves. This internal certification process is undertaken in accordance with internal guidelines for estimating and classifying hydrocarbon reserves, which are based on the SEC’s rules and definitions. The Office of Hydrocarbon Reserves Certification, which additionally oversees and conducts an internal audit of the above process, consists entirely of professionals with geological, geophysical, petrophysical and reservoir engineering backgrounds. The engineers who participate in PEMEX’s reserves estimation process are experienced in the following areas: reservoir numerical simulation; well drilling and completion; pressure, volume and temperature (PVT) analysis; analytical tools used in forecasting the performance of the various elements comprising the production system; and design strategies in petroleum field development. Furthermore, all of PEMEX’s personnel have been certified by the Secretaría de Educación Pública (Ministry of Public Education), most have earned master’s degrees in areas of study such as petroleum engineering, geology and geophysical engineering and they possess an average of over fifteen years of professional experience. In addition to this internal review process, Pemex Exploration and Production’s final reserves estimates are audited by independent engineering firms. Four independent engineering firms audited Pemex Exploration and Production’s estimates of proved reserves as of December 31, 2022 or January 1, 2023: DeGolyer and MacNaughton (“DeGolyer”), Ryder Scott Company L.P (“Ryder Scott”), GLJ LTD. (“GLJ”) and Sproule International Limited and Sproule México, S.A. de C.V. (which we refer to as “Sproule”), together, the “Independent Engineering Firms.” The reserves estimate reviewed by the Independent Engineering Firms totaled 83.7% of PEMEX’s estimated proved reserves. The remaining 16.3% of PEMEX’s estimated proved reserves consisted of reserves located, among others, in some fields related to exploration and production contracts, in which a corresponding third party is responsible for assessing the volume of reserves. DeGolyer audited the reserves in the Cantarell, Ku Maloob Zaap, Bellota Jujo and Samaria Luna business units, GLJ audited the reserves in the Poza Rica Altamira, Abkatún Pol Chuc and Litoral de Tabasco business units, Sproule audited the reserves in the Cinco Presidentes and Macuspana Muspac business units and Ryder Scott audited the reserves in the Reynosa, Veracruz business units and the reserves of fields recently added to Pemex´s inventory reserves. The audits conducted by the Independent Engineering Firms consisted primarily of: (1) analysis of historical static and dynamic reservoir data provided by Pemex Exploration and Production; (2) construction or updating of the Independent Engineering Firms’ own static and dynamic reservoir characterization models of some of the fields; (3) economic analysis of the fields; and (4) review of Pemex Exploration and Production’s production forecasts and reserves estimates. Since reserves estimates are, by definition, only estimates, they cannot be reviewed for the purpose of verifying exactness. Instead, the Independent Engineering Firms conducted a detailed review of Pemex Exploration and Production’s reserves estimates so that they could express an opinion as to whether, in the aggregate, the reserves estimates that Pemex Exploration and Production furnished were reasonable and had been estimated and presented in conformity with generally accepted petroleum engineering and evaluation methods and procedures. All questions, including any suggested modifications to proved reserves estimates, that arose during the Independent Engineering Firms’ review process were resolved by Pemex Exploration and Production to the satisfaction of the Independent Engineering Firms. The Independent Engineering Firms have concluded that PEMEX’s estimated total proved oil and natural gas reserve volumes set forth in this report are, in the aggregate, reasonable and have been prepared in accordance with Rule 4-10(a) are consistent with international reserves reporting practice and are in accordance with the revised oil and gas reserves disclosure provisions of ASC Topic 932. PEMEX´s total proved developed and undeveloped reserves of crude oil, condensates and liquefiable hydrocarbons recoverable from field processing plants increased by 0.3% in 2022, from 6,073.0 million barrels on December 31, 2021 to 6,089.6 million barrels at December 31, 2022. Our proved developed reserves of crude oil, condensates and liquefiable hydrocarbons recoverable from processing plants increased by 1.4% in 2022, from 3,648.9 million barrels on December 31, 2021 to 3,698.3 million barrels at December 31, 2022. The amount of our proved reserves of crude oil, condensate and liquefiable hydrocarbon reserves added in 2022 was enough to offset the level of production in 2022, which amounted to 710.2 million barrels of crude oil, condensates and liquefiable hydrocarbons. Our total proved developed and undeveloped dry gas reserves increased by 0.6% in 2022, from 7,039.5 billion cubic feet at December 31, 2021 to 7,079.6 billion cubic feet on December 31, 2022. Our proved developed dry gas reserves increased by 11.1% in 2022, from 3,933.7 billion cubic feet on December 31, 2021 to 4,368.5 billion cubic feet at December 31, 2022. These increases were principally due to an increase in proved developed dry gas reserves of the Quesqui, Lakach, Onel, Gasífero, Ku, and Tupilco Profundo fields. The amount of dry gas reserves added in 2022 was enough to offset the level of production in 2022, which amounted to 854.0 billion cubic feet of dry gas. Our proved undeveloped dry gas reserves decreased by 12.7% in 2022, from 3,105.8 billion cubic feet at December 31, 2021 to 2,711.1 billion cubic feet on December 31, 2022. This decrease was principally due to an increase in in proved developed dry gas reserves of the Quesqui, Ixachi, Gasífero, Ku, Onel and Tupilco Profundo fields. During 2022, our exploratory activity in the shallow waters of the Gulf of Mexico and onshore regions resulted in the discovery of eleven new crude oil fields (Actul, Akal NW, Atoyatl, Chucox, Chucox NW, Pokche-NE, Tentok, Tlalkivak, Xanab-SE, Xinich and Zama) and one new reservoir in existing field (Niquita) and an extension from the drilling of one appraisal well in existing field (Valeriana ). Together, these extensions and discoveries led to the incorporation approximately 89.1 million barrels of oil equivalent. The following three tables of crude oil and dry gas reserves set forth PEMEX’s estimates of its proved reserves determined in accordance with Rule 4-10(a). Summary of oil and gas (1) proved reserves as of December 31, 2022 based on average fiscal year prices Crude oil and Condensates (2) Dry Gas (3) (in millions (in billions Proved developed and undeveloped reserves: Proved developed reserves 3,698.3 4,368.5 Proved undeveloped reserves 2,391.3 2,711.1 Total proved reserves 6,089.6 7,079.6 Note: Numbers may not total due to rounding. (1) PEMEX does not currently produce synthetic oil or synthetic gas, or other natural resources from which synthetic oil or synthetic gas can be produced. (2) Crude oil and condensate reserves include the fraction of liquefiable hydrocarbons recoverable in natural gas processing plants located at fields. (3) Reserve volumes reported in this table are volumes of dry gas, although natural gas production reported in other tables refers to sour wet gas. There is a shrinkage in volume when natural gas liquids and impurities are extracted to obtain dry gas. Therefore, reported natural gas volumes are greater than dry gas volumes. Source: Pemex Exploration and Production. Crude oil and condensate reserves (including natural gas liquids) (1) 2022 2021 2020 Proved developed and undeveloped reserves: At December 31 6,073 6,041 5,961 Revisions (2) 647 565 651 Extensions and discoveries 78 115 97 Production (710) (697) (695) Farm outs & transfer to exploration and production contracts (CEE) & transfer of fields due to NHC bidding process 1 49 27 At December 31 6,089 6,073 6,041 Proved developed reserves at December 31 3,698 3,649 3,603 Proved undeveloped reserves at December 31 2,391 2,424 2,438 Note: Numbers may not total due to rounding. (1) Crude oil and condensate reserves include the fraction of liquefiable hydrocarbons recoverable in natural gas processing plants located at fields. (2) Revisions include positive and negative changes due to new data from well drilling, revisions made when actual reservoir performance differs from expected performance and changes in hydrocarbon prices. Source: Pemex Exploration and Production. Dry Gas Reserves 2022 2021 2020 (in billions of cubic feet) Proved developed and undeveloped reserves: At December 31 7,040 6,984 6,352 Revisions (1) 847 195 1,240 Extensions and discoveries 43 590 176 Production (2) (854) (751) (819) Farm outs & transfer to exploration and production contracts (CEE) & transfer of fields due to NHC bidding process 3 21 35 At December 31 7,079 7,040 6,984 Proved developed reserves at December 31 4,368 3,934 3,922 Proved undeveloped reserves at December 31 2,711 3,106 3,062 Note: Numbers may not total due to rounding. (1) Revisions include positive and negative changes due to new data from well drilling, revisions made when actual reservoir performance differs from expected performance and changes in hydrocarbon prices. (2) Production refers here to dry gas, although natural gas production reported in other tables refers to sour wet gas. There is a shrinkage in volume when natural gas liquids and impurities are extracted to obtain dry gas. Therefore, reported natural gas volumes are greater than dry gas volumes. Source: Pemex Exploration and Production. Pemex Exploration and Production’s reserve-replacement ratio, or RRR, for a given period is calculated by dividing the sum of proved reserves additions due to discoveries, developments, delineations and revisions by that period’s total production. During 2022, we obtained an increase of 898.7 million barrels of oil equivalent of proved reserves as aggregated from discoveries, revisions, delimitations and development and production, which represents a RRR of 102.8%. PEMEX’s 2022 RRR improved similarly to that of 2021, when the RRR was 105.1%. PEMEX expect to continue obtaining values of this index of about 100 percent, as in the recent years. PEMEX’s reserves production ratio, which is presented in terms of years, is calculated by dividing the estimated remaining reserves at the end of the relevant year by the total production of hydrocarbons for that year. As of December 31, 2022, this ratio is eight years, six months for proved reserves. F. Standardized measure of discounted future net cash flows related to proved oil and gas reserves (unaudited) The standardized measure tables presented below relate to proved oil and gas reserves excluding proved reserves scheduled to be produced after the year 2048. This measure is presented in accordance with ASC Topic 932. Estimated future cash inflows from production are computed by applying average prices of oil and gas on the first day of each month of 2022. Future development and production costs are those estimated future expenditures needed to develop and produce the year-end estimated proved reserves after a net cash flows discount factor of 10%, assuming constant year-end economic conditions. Future tax expenses are computed by applying the appropriate year-end statutory tax rates with consideration of the tax rates of the new fiscal regime for Pemex Exploration and Production already legislated for 2022 to the future pre-tax net cash flows related to PEMEX’s proved oil and gas reserves. The estimated future payment of taxes was calculated based on the current Hydrocarbons Revenue Law. The standardized measure provided below represents a comparative benchmark value rather than an estimate of expected future cash flows or fair market value of PEMEX’s production rights. There are numerous uncertainties inherent in estimating quantities of proved reserves and in projecting future rates of production and timing of development expenditures, including many factors beyond the control of the producer. Accordingly, reserve estimates may be materially different from the quantities of crude oil and natural gas that are ultimately recovered. Standardized measure of discounted future net cash flows as of December 31 2022 2021 2020 (in millions of U.S. dollars) Future cash inflows 512,547 371,331 201,777 Future production costs (excluding profit taxes) (174,115) (146,062) (109,064) Future development costs (26,013) (24,184) (23,631) Future cash flows before tax 312,419 201,085 69,082 Future production and excess gains taxes (205,035) (146,416) (73,122) Future net cash flows 107,384 54,669 (4,040) Effect of discounting net cash flows by 10% (44,461) (18,443) 3,359 Standardized measure of discounted future net cash flows 62,923 36,226 (681) Note: Table amounts may not total due to rounding. To comply with ASC Topic 932, the following table presents the aggregate standardized measure changes for each of the last three years and significant sources of variance: Changes in standardized measure of discounted future net cash flows 2022 2021 2020 (in millions of U.S. dollars) Sales of oil and gas produced, net of production costs (54,470) (34,600) (16,968) Net changes in prices and production costs 77,278 84,233 (39,509) Extensions and discoveries 3,078 1,583 1,426 Development cost incurred during the year 5,738 4,755 4,654 Changes in estimated development costs (5,523) (5,675) (10,019) Reserves revisions and timing changes 15,773 26,205 5,808 Accretion of discount of pre-tax net cash flows 9,749 2,220 5,929 Net changes in production and excess gains taxes (24,927) (41,814) 23,015 Aggregate change in standardized measure of discounted future net cash flows 26,696 36,907 (25,664) Standardized measure: As of January 1 36,226 (681) 24,983 As of December 31 62,922 36,226 (681) Change 26,696 36,907 (25,664) Note: Table amounts may not total due to rounding. In computing the amounts under each factor of change, the effects of variances in prices and costs are computed before the effects of changes in quantities. Consequently, changes in reserves are calculated at December 31 prices and costs. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of voluntary change in accounting policy [abstract] | |
Basis of consolidation | A. Basis of consolidation The consolidated financial statements include the financial statements of Petróleos Mexicanos and those of its subsidiaries over which it has control. i. Business combinations PEMEX accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to PEMEX. In determining whether a particular set of activities and assets is a business, PEMEX assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set could produce outputs. PEMEX has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. ii. Subsidiaries Subsidiaries are entities controlled by PEMEX. PEMEX “controls” an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and could affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. For more information about the Subsidiary Companies, see Note 5. iii. Non-controlling interests (NCI) NCI are measured initially at their proportionate share of the acquiree’s identifiable net assets at the date of acquisition. Changes in the ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. iv. Loss of control When PEMEX loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. v. Interests in equity-accounted investees PEMEX’s interests in equity-accounted investees comprise interests in associates and a joint venture. Associates are those entities in which PEMEX has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which PEMEX has joint control, whereby PEMEX has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities (joint operation). Interests in associates and the joint venture are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include PEMEX’s share of the profit or loss and other comprehensive income (OCI) of equity accounted investees, until the date on which significant influence or joint control ceases. Upon loss of significant influence over the associate or joint control over the joint venture, PEMEX measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognized in profit or loss. When the value of the share of losses exceeds the value of PEMEX’s investment in an associate or joint venture, the carrying value of the investment, including any long-term investment, is reduced to zero and PEMEX ceases to recognize additional losses, except in cases where PEMEX is liable for obligations incurred by those associates and joint ventures. For more information about joint ventures and associates, see Note 12. vi. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the PEMEX interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. |
Foreign currency | B. Foreign currency i. Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of PEMEX companies at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognized in consolidated statements of comprehensive income and presented within foreign exchange. ii. Foreign operation The financial statements of foreign subsidiaries and associates are translated into the reporting currency by first identifying if the functional currency is different from the currency for recording the foreign operations, and, if so, the recording currency is translated into the functional currency and then into the reporting currency using the year-end exchange rate of each period for assets and liabilities reported in the consolidated statements of financial position; the historical exchange rate at the date of the transaction for equity items; and the exchange rate at the date of the transaction for income and expenses reported in the consolidated statement of comprehensive income. Foreign currency differences are recognized in OCI and accumulated in the currency translation effect, except to the extent that the translation difference is allocated to NCI. |
Financial instruments | C. Financial instruments i. Recognition and initial measurement Financial assets and liabilities are initially recognized when these assets are contractually originated or acquired, or when these liabilities are contractually issued or assumed. Financial assets and financial liabilities (unless it is an account receivable or account payable without a significant financing component) are measured and initially recognized at fair value, in the case of financial assets or liabilities not measured at fair value with changes through OCI, plus the transaction costs directly attributable to acquisition or issuance, when subsequently measured at amortized cost. An account receivable or account payable without a significant financing component is initially measured at the transaction price. If PEMEX determines that the fair value at the initial recognition differs from the transaction price, PEMEX shall recognize the difference between the fair value at initial the recognition and the transaction price in the consolidated statements of comprehensive income. ii. Classification and subsequent measurement Financial Assets On initial recognition, a financial asset is classified as measured at: Amortized Cost; Fair Value Through Other Comprehensive Income (“FVTOCI”)–debt investment; FVTOCI–equity investment; or Fair Value Through Profit or Loss (“FVTPL”). Financial assets are not reclassified subsequent to their initial recognition unless PEMEX changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. FINANCIAL ASSETS MEASUREMENT Amortized cost A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: • it is held within a business model that has the objective of holding assets to collect contractual cash flows; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Debt investment A debt instrument is measured at FVTOCI only if it meets both of the following conditions and is not designated as at FVTPL: • it is held within a business model that has the objective of both collecting contractual cash flows and selling financial assets; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Equity investment On initial recognition of an equity investment that is not held for trading, PEMEX may irrevocably elect to present subsequent changes in fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortized cost or FVTOCI (as described above) are measured at FVTPL. This includes all derivative financial assets (see Note 18). On initial recognition, PEMEX may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as FVTPL, if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets: Business model assessment PEMEX assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes: • the stated policies and objectives for the portfolio and the operation of those policies in practice, which include whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; • how the performance of the portfolio is evaluated and reported to PEMEX management; • the risk that affects the performance of the business model (and the financial assets held within that business model) and how those risks are managed; • how managers of the business are compensated (e.g., whether compensation is based on the fair value of the assets managed or the contractual cash flows collected); and • the frequency, volume and timing of sales in prior periods, the reasons for such sales and expectations about future sales activity. Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with PEMEX’s continuing recognition of the assets. Financial assets that are held for trading or managed and the performance of which is evaluated on a fair value basis are measured at FVTPL. Financial Asset: Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, principal is defined as the fair value of the financial assets on initial recognition. Interest is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during the relevant period of time and for the basic lending risks and costs (e.g., liquidity risk and administrative costs), as well as profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, PEMEX considers the contractual terms of the instrument, which includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, PEMEX considers: • contingent events that would change the amount or timing of cash flows; • terms that may adjust the contractual coupon rate, including variable rate features; • prepayment and extension features; and • terms that limit PEMEX’s claim to cash flows from specified assets (for example, non-recourse features). A prepayment feature is consistent solely with the payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a significant discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition. Financial assets: Subsequent measurement and gain and losses Financial assets at FVTPL Financial assets at FVTPL are measured at fair value and changes therein, including any interest or dividend income, are recognized in profit or loss. Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. Financial liabilities: Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss. iii. Derecognition Financial assets PEMEX derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which PEMEX neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. PEMEX enters into transactions whereby it transfers assets recognized in its statement of financial position but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized. Financial liabilities PEMEX derecognizes a financial liability when its contractual obligations are discharged, cancelled or expired. PEMEX also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. Interest rate benchmark reform When the basis for determining the contractual cash flows of a financial asset or financial liability measured at amortized cost changed as a result of interest rate benchmark reform, PEMEX updated the effective interest rate of the financial asset or financial liability to reflect the change that is required by the reform. A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: • the change is necessary as a direct consequence of the reform; and • the new basis for determining the contractual cash flows is economically equivalent to the previous basis – i.e., the basis immediately before the change. When changes are made to a financial asset or financial liability in addition to changes to the basis for determining the contractual cash flows required by interest rate benchmark reform, PEMEX first updates the effective interest rate of the financial asset or financial liability to reflect the change that is required by interest rate benchmark reform. After that, PEMEX applies the policies on accounting for modifications to the additional changes. iv. Offsetting Financial assets and financial liabilities are offset, and the net amount is presented in the statement of financial position when, and only when, PEMEX has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. v. Derivative financial instruments and hedge accounting PEMEX uses DFIs to hedge the risk exposure in foreign currency, interest rate and the price of commodities related to its products. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. These contracts are not accounted as designated hedging instruments. DFIs are accounted for as financial assets when the fair value is positive and as a financial liability when the fair value is negative. vi. Impairment Financial instruments and contract assets PEMEX recognizes loss allowances for Estimated Credit Losses (“ECLs”) on: • financial assets measured at amortized cost; • debt investments measured at FVOCI; and • contract assets. PEMEX measures loss allowances at an amount equal to lifetime ECL, except for the following, which are measured as 12-month ECLs: • debt securities that are determined to have low credit risk at the reporting date; and • other debt securities and bank balances for which credit risk (i.e., the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. PEMEX considers a financial asset to be in default when the debtor is unlikely to pay its credit obligations to PEMEX in full, without recourse by PEMEX to actions such as guarantee redemption (if any is held). PEMEX considers that a debt instrument has a low credit risk, when its credit rating is classified as “investment grade.” The investment grade classification is based on minimum credit ratings of Baa3 (Moody’s) and BBB- (S&P and Fitch), as well as its equivalent in other rating agencies. Lifetime ECLs are the credit losses that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which PEMEX is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (for example, the difference between the cash flows due to the entity in accordance with the contract and the cash flows that PEMEX expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Credit-impaired financial assets At each reporting date, PEMEX assesses whether financial assets carried at amortized cost and debt securities at FVOCI are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: • significant financial difficulty of the borrower or issuer; • a breach of contract such as a default or being more than 90 days past due; • the restructuring of a loan or advance by PEMEX on terms that it would not consider otherwise; • it is probable that the borrower will enter bankruptcy or other financial reorganization; or • the disappearance of an active market for a security because of financial difficulties. Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. Write-off The gross carrying amount of a financial asset is written off when PEMEX has no reasonable expectation of recovering a financial asset in its entirety or a portion thereof. In the case of individual customers, PEMEX’s policy is to cancel the gross carrying amount when the financial asset has met the uncollectibility report as established in the Políticas Generales y Procedimientos para Cancelar Adeudos (Procedure to Write-Off Financial Assets). For corporate customers, PEMEX individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the PEMEX’s procedures for recovery of amounts due. |
Inventories and cost of sales | D. Inventories and cost of sales Inventories are valued at the lower of cost or net realizable value. Cost is determined based on the cost of production or acquisition of inventory and other costs incurred in transporting such inventory to its present location and in its present condition, using the average cost method. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated selling costs. The estimate takes into consideration, among other things, the decrease in the value of inventories due to obsolescence. Cost of sales represents the cost of production or acquisition of inventories at the time of sale, increased, where appropriate, by declines in net realizable value of inventories during the year. Advance payment to suppliers for inventory purchases are recognized as part of inventory when the risks and benefits of the ownership of the inventory have been transferred to PEMEX. |
Wells, pipelines, properties, plant and equipment | E. Wells, pipelines, properties, plant and equipment i. Recognition and measurement Items of wells, pipelines, properties, plant and equipment are recorded at acquisition or construction cost, which includes capitalized borrowing cost, less accumulated depreciation and accumulated impairment losses. Initial costs of wells, pipelines, properties, plant and equipment are initially recorded at cost, which includes their original purchase price or construction cost, any costs attributable to bringing the assets to a working condition for their intended use and the costs of dismantling and removing the items and restoring the site on which they are located, including the estimated cost of plugging and abandoning wells. The cost of financing projects that require large investments and financing incurred for projects, net of interest revenues from the temporary investment of these funds, is recognized as part of wells, pipelines, properties, plant and equipment when the cost is directly attributable to the construction or acquisition of a qualifying asset. The capitalization of these costs is suspended during periods in which the development of construction is interrupted, and its capitalization ends when the activities necessary for the use of the qualifying asset are substantially completed. All other financing costs are recognized in the consolidated statements of comprehensive income in the period in which they are incurred. The cost of self-constructed assets includes the cost of materials and direct labor, interest on financing and any other costs directly attributable to start up. In some cases, the cost also includes costs of plugging of wells and removal at present value. Expenditures related to the construction of wells, pipelines, properties, plant and equipment during the stage prior to commissioning are stated at cost as intangible assets or construction in progress, in accordance with the characteristics of the asset. Once the assets are ready for use, they are transferred to the respective component of wells, pipelines, properties, plant and equipment and depreciation or amortization begins. If significant parts of an item of wells, pipelines, properties, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of wells, pipelines, properties, plant and equipment is recognized in profit or loss. Advance payments for the acquisition of pipelines, properties, plant and equipment are also recognized in the line item of wells, pipelines, properties, plant and equipment when the risks and benefits of the ownership have been transferred to PEMEX. ii. Subsequent expenditure The costs of major maintenance or replacement of a significant component of an item of wells, pipelines, properties, plant and equipment are recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to PEMEX and its cost can be measured reliably. The costs of recurring maintenance, repairs and renovations of wells, pipelines, properties, plant and equipment carried out to maintain the facilities in normal operation conditions are recognized in profit or loss as incurred. iii. Depreciation Depreciation and amortization of capitalized costs in wells are determined based on the estimated economic life of the field to which the wells belong, considering the relationship between the production of barrels of oil equivalent for the period and proved developed reserves of the field, as of the beginning of the period, with quarterly updates for new development investments. Depreciation of other elements of pipelines, properties, plant and equipment is recognized in profit or loss on a straight-line basis over the estimated useful life of the asset, beginning as of the date that the asset is available for use, or in the case of construction, from the date that the asset is completed and ready for use. The estimated useful lives of wells, pipelines, properties, plant and equipment for current and comparative periods are described in Note 13. Estimated useful lives of items of properties, plant and equipment are reviewed and updated prospectively if expectations differ from previous estimates. |
Intangible assets and oil and natural gas exploration and license, appraisal and development expenditure | F. Intangible assets and oil and natural gas exploration and license, appraisal and development expenditure i. Intangible assets Intangible assets acquired separately are measured at initial recognition at their acquisition cost. After the initial recognition, intangible assets are valued at their acquisition cost, less: (i) accumulated amortization, under the straight-line method during the estimated useful life of the intangible asset and (ii) accumulated impairment losses. Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognized in profit or loss as incurred. Amortization is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognized in profit or loss. Software licenses are amortized over the lesser of their contract period or the remaining life of the asset to which they are associated. The estimated useful lives of elements of intangible assets for current and comparative periods are described in Note 14. The estimated useful lives and residual values of intangible assets are reviewed at each reporting date and adjusted if appropriate. ii. Wells not assigned to a reserve, oil and natural gas exploration, appraisal and development expenditure a. Wells not assigned to a reserve Wells not assigned to a reserve mainly include drilling, evaluation and development costs for oil and natural gas, and rights-of-way. b. Oil and natural gas exploration, appraisal and development expenditures Oil and natural gas exploration, evaluation and development expenses are accounted for using the principles of the successful efforts method of accounting, as described below: Successful Efforts Method Pemex Exploration and Production applies IFRS 6 - Exploration and Evaluation of Mineral Resources, which allows an entity to develop an accounting policy for exploration and evaluation assets. Therefore, Pemex Exploration and Production uses the method of successful efforts, which requires a cause-and-effect relationship between the costs incurred and the recognition of specific reserves. Generally, if a cost is incurred without an identifiable future benefit, it is charged to expenses. Before PEMEX is able to determine the accounting treatment of a cost, it must be classified as a property acquisition, exploration, development or production cost. Exploration and appraisal expenditure Geological and geophysical exploration costs including topographic costs, geological studies, property access rights, remuneration and expenses of geologists and geophysicists are charged to expenses as incurred. Costs directly associated with an exploration well, other than the costs mentioned in the preceding paragraph, are initially capitalized as an intangible asset (wells not assigned to a reserve) until the drilling of the well is complete and the results have been evaluated. These costs include employee compensation, materials and fuel used, platform costs and payments made to contractors. If potentially commercial quantities of hydrocarbons are not found, the exploration well costs are written off against profit or loss. If hydrocarbons are found and, subject to additional assessment activity, are likely to be capable of commercial development, the costs continue to be carried as an asset. If it is determined that development will not occur, then the costs are expensed against profit or loss. Costs directly associated with the evaluation activity performed to determine the size, characteristics and commercial potential of a reserve after the initial hydrocarbon discovery, including the costs of evaluation of wells where no hydrocarbons were found, are initially capitalized as an intangible asset (wells not assigned to a reserve). When proved reserves of oil and natural gas are determined and development is approved by management, the relevant expenditure is transferred to wells, pipelines, properties, plant and equipment. Exploration wells more than 12 months old are recognized as an expense unless: (a)(i) they are in an area requiring major capital expenditure before production can begin, (ii) commercially productive quantities of reserves have been found, and (iii) they are subject to further exploration or appraisal activity, in that, either drilling or additional exploration wells are underway or firmly planned for the near future or (b) proved reserves are viable within 12 months of completion of the exploratory drilling. Development expenditure Expenditure on the construction, installation and completion of infrastructure facilities such as platforms, pipelines and the drilling of development wells, including service and unsuccessful development or delineation wells, is capitalized within wells, pipelines, properties, plant and equipment and is depreciated from the commencement of production as described in the accounting policy for wells, pipelines, properties, plant and equipment. Exploration Exploration includes all expenses related to the search for oil and / or gas reserves, including depreciation and applicable costs of supporting equipment and facilities, and the costs of drilling exploratory wells and exploratory stratigraphic wells. Some exploration costs are charged directly to expenses when they occur, such as the costs of maintaining unexploited properties, since such costs do not increase the possibilities that said lands contain proven reserves. The costs of geologists, topographers and geophysicists, including wages and other related expenses, are also charged directly to expenses when they occur because they do not represent the acquisition of an identifiable asset since these studies represent research expenses. All costs for drilling exploratory wells are capitalized and classified as wells, pipelines, property, plant and equipment, not associated with a reserve, until it is determined whether or not a well has proven reserves. Once the exploratory wells are completed, the future treatment of these costs is determined. Development Development costs are associated with previously discovered proven reserves, with previously known future benefits. Therefore, all costs incurred in development activities must be capitalized. Development includes all costs incurred in creating a system of productive wells, related equipment, and facilities in proven reserves so that oil and / or gas can be extracted. Developmental costs are related to specific proven reserves. The cost of building roads to gain access to proven reserves is a development cost, as is the cost of providing facilities for the extraction, treatment, collection and storage of oil and / or gas. Developmental costs also include depreciation and operating costs of equipment and facilities used in developmental activities. Likewise, non-productive development wells are capitalized, since they are considered as a cost of creating the total production system for proven reserves. Production Production includes the costs incurred to raise oil and / or gas to the surface, its collection, treatment, processing and field storage. |
Crude oil and natural gas reserves | G. Crude oil and natural gas reserves Under Mexican law, all crude oil and other hydrocarbon reserves located in the subsoil of Mexico are owned by the Mexican nation and not by PEMEX. In accordance with the aforementioned and based on the applicable regulation as of the date of these consolidated financial statements, the reserves assigned to PEMEX by the Mexican Government are not registered for accounting purposes because they are not PEMEX’s property. PEMEX estimates total proved oil and natural gas reserve volumes in accordance with the definitions, methods and procedures established in Rule 4-10(a) of Regulation S-X (“Rule 4-10(a)”) of the U.S. Securities and Exchange Commission (“SEC”), as amended, and where necessary, in accordance with the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers (the “SPE”) as of February 19, 2007. These procedures are consistent with international reserves reporting practice. The estimation of these reserves depends on assumptions made and the interpretation of the data available and may vary among analysts. The results of drilling activities, test wells and production after the date of estimation are utilized in future revisions of reserves estimates. Although PEMEX does not own the oil and other hydrocarbon reserves within Mexico, these procedures allow PEMEX to record the effects that such oil and other hydrocarbon reserves have on its consolidated financial statements, including, for example, in the depreciation and amortization line item. |
Impairment of non-financial assets | H. Impairment of non-financial assets The carrying amounts of PEMEX’s non-financial assets, other than inventories and deferred taxes, are assessed for indicators of impairment at the end of each reporting period. If the net carrying value of the asset or its cash-generating unit exceeds the recoverable amount, PEMEX records an impairment charge in profit or loss. A cash-generating unit is the smallest identifiable group of assets which can generate cash flows independently from other assets or groups of assets. The recoverable amount of an asset or a Cash-Generating Unit (“CGU”) is defined as the higher of its fair value minus the costs of disposal and its value in use. The value in use is the discounted present value of the net future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. In measuring value in use, the discount rate applied is the pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the asset. Fair value is calculated using discounted cash flows determined by the assumptions that market participants would apply in order to estimate the price of an asset or CGU, assuming that such participants were acting in their best economic interest. In the case of cash-generating assets or items dedicated to the exploration and evaluation of hydrocarbons reserves, the recoverable amount is determined using the value in use based on the proved reserves and probable reserves, in some cases, for the risk factor associated with such reserves. Both impairment losses and reversals are recognized in the statement of comprehensive income in the costs and expenses line items in which the depreciation and amortization are recognized. Impairment losses may not be presented as part of the costs that have been capitalized in the value of any asset. Impairment losses related to inventories are recognized as part of cost of sales. Impairment losses on investments in associates, joint ventures and other investments are recognized as profit (loss) sharing in associates. An impairment loss shall be reversed if there has been a change in the estimates used since the date when the impairment loss was recognized. These reversals will not exceed the carrying value of the asset as though no impairment had been recognized. Impairment losses and reversals are presented in a separate line item in the consolidated statement of comprehensive income. |
Leases | I. Leases At the inception of a contract, PEMEX assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, PEMEX uses the definition of a lease in IFRS 16. i. As a lessee At commencement or on modification of a contract that contains a lease component, PEMEX allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, PEMEX has elected for some leases not to separate non-lease components and to account for the lease and non-lease components as a single lease component. PEMEX recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the lesser of the straight-line method and the hours of use method, from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to PEMEX by the end of the lease term or the cost of the right-of-use asset reflects that PEMEX will exercise a purchase option. In that case, the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. Useful lives are shown in Note 17. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, PEMEX’s incremental borrowing rate. Generally, PEMEX uses its incremental borrowing rate as the discount rate. PEMEX determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: • fixed payments, including in-substance fixed payments; • variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; • amounts expected to be payable under a residual value guarantee; and • the exercise price under a purchase option that PEMEX is reasonably certain to exercise, lease payments in an optional renewal period if PEMEX is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless PEMEX is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in PEMEX’s estimate of the amount expected to be payable under a residual value guarantee, if PEMEX changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. From January 1, 2021, PEMEX began remeasuring its lease liability by discounting the revised lease payments using the revised discount rate that reflects the change to an alternative benchmark interest rate. This change reflects the requirements of the interest rate benchmark reform, which adjusted the basis for determining future lease payments. PEMEX presents separately the right-of-use assets and lease liabilities in the statement of financial position. Short-term leases and leases of low-value assets PEMEX has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. PEMEX recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. ii. As a lessor At inception or upon modification of a contract that contains a lease component, PEMEX allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. When PEMEX acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, PEMEX makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, PEMEX considers certain indicators such as whether the lease is for the major part of the economic life of the asset. If an arrangement contains lease and non-lease components, then PEMEX applies IFRS 15 to allocate the consideration in the contract. PEMEX applies the derecognition and impairment requirements in IFRS 9 to the net investment in the lease. Further, PEMEX regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease. PEMEX recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of “other revenue.” |
Provisions | J. Provisions Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost. PEMEX recognizes provisions when, as a result of a past event, PEMEX has incurred a legal or assumed present obligation for which a future disbursement is probable and the value of such disbursement is reasonably estimable. In certain cases, such amounts are recorded at their present value. Increases in ongoing legal expense liabilities are recognized in the Consolidated Statement of Comprehensive Income in the “Other expenses” line item. Environmental liabilities In accordance with applicable legal requirements and accounting practices, an environmental liability is recognized when the cash outflows are probable and the amount is reasonably estimable. Disbursements related to the conservation of the environment that are linked to revenue from current or future operations are accounted as expenses or assets, depending on the circumstances of each disbursement. Disbursements related to past operations, which no longer contribute to current or future revenues, are accounted for as current period expenses. The accrual of a liability for a future disbursement occurs when an obligation related to environmental remediation, for which PEMEX has the information necessary to determine a reasonable estimated cost, is identified. Increases in environmental liabilities are recognized in the Consolidated Statement of Comprehensive Income in the “Cost of sales” line item. Retirement of assets The obligations associated with the future retirement of assets, including those related to the retirement of wells, pipelines, properties, plant and equipment and their components are recognized at the date that the retirement obligation is incurred, based on the discounted cash flow method. The determination of the fair value is based on existing technology and regulations. If a reliable estimation of fair value cannot be made at the time the obligation is incurred, the accrual will be recognized when there is sufficient information to estimate the fair value. The obligations related to the costs of future retirement of assets associated with the principal refining processes for gas and petrochemicals are not recognized. These assets are considered to have an indefinite useful life due to the potential for maintenance and repairs. The abandonment costs related to wells currently in production and wells temporarily closed are recorded in the statement of comprehensive income based on the units of production method. Total cost of abandonment and plugging for non-producing wells is recognized in the statement of comprehensive income at the end of each period. All estimations are based on the useful lives of the wells, considering their discounted present value. Salvage values are not considered, as these values commonly have not traditionally existed. Increases in retirement of assets liabilities are recognized as part of the cost of completed wells in fixed assets. |
Employee benefits | K. Employee benefits i. Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if PEMEX has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. ii. Defined contribution plans Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. iii. Defined benefit plan PEMEX’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for PEMEX, the recognized asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements. New remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in OCI. PEMEX determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability (asset) at such time, considering any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in profit or loss. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognized immediately in profit or loss. PEMEX recognizes gains and losses from the settlement of a defined benefit plan when the settlement occurs. iv. Other long-term employee benefits PEMEX’s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value. New remeasurements are recognized in profit or loss in the period in which they arise. v. Termination benefits Termination benefits are expensed at the earlier of when PEMEX can no longer withdraw its offer of those benefits and when PEMEX recognizes costs for a restructuring. If benefits are not expected to be settled in full within 12 months of the reporting date, then they are discounted. |
Income taxes, duties and royalties | L. Income taxes, duties and royalties Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in OCI. The interest and penalties related to income taxes, including uncertain tax treatments, do not meet the definition of income taxes, and are therefore accounted for under IAS 37 “Provisions, Contingent Liabilities and Contingent Assets.” i. Current income tax Current income tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met. ii. Deferred income tax Deferred income tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for: • temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; • temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that PEMEX is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and • taxable temporary differences arising from the initial recognition of goodwill. Temporary differences in relation to a right-of-use asset and a lease liability for a specific lease are regarded as a net package (the lease) for the purpose of recognizing deferred tax. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans of PEMEX. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Such reductions are reversed when the probability of future taxable profits improves. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which PEMEX expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset only if certain criteria are met. iii. Duties, royalties and considerations Duties PEMEX is subject to taxes and special duties, which are based on the value of hydrocarbons extracted, with certain deductions. These taxes and duties are recognized in accordance with IAS 12 “Income Taxes” (IAS 12) when they have the characteristics of income tax, which occurs when such taxes are set by a government authority and are determined based on a formula that considers the balance of income (or extraction valued at a selling price) less expenses. Taxes and duties that meet these criteria are recognized for current and deferred income tax based on the above paragraphs. Taxes and duties that do not meet these criteria are recognized in costs and expenses relating to the transactions that gave rise to them. Royalties and considerations |
Contingencies | M. Contingencies Contingency losses are recorded when it is probable that a liability has been incurred and the amount thereof can be reasonably estimated. When a reasonable estimation cannot be made, qualitative disclosure is provided in the notes to the consolidated financial statements. Contingent assets are not recognized until realization is assured. |
Government grants (Revenues from FONADIN) | N. Government grants (Revenues from FONADIN) Government grants related to assets are initially recognized as deferred income at fair value if there is reasonable assurance that they will be received and PEMEX will comply with the conditions associated with the grant. Grants related to the acquisition of assets are recognized in profit or loss as other income on a systematic basis over the useful life of the asset. |
Fair value | O. Fair value ‘Fair value’ is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which PEMEX has access at that date. The fair value of a liability reflects its non-performance risk. A number of PEMEX accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities (see Note 8). When one is available, PEMEX measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as ‘active’ if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then PEMEX uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. If an asset or a liability measured at fair value has a bid price and an ask price, then PEMEX measures assets and long positions at the bid price and liabilities and short positions at the ask price. |
Revenue from contracts with customers | P. Revenue from contracts with customers Revenue is measured based on the consideration specified in a contract with a customer. PEMEX recognizes revenue when it transfers control over a good or service to a customer. The transaction price is established at the time of sale, including the estimate of the variable consideration (see Note 7). |
Operating segments | Q. Operating segments Operating segments are identifiable components of PEMEX that pursue business activities from which PEMEX earns revenues and incurs expenses and for which information is available to management on a segmented basis and is assessed by the Board of Directors in order to allocate resources and assess the profitability of the segments. |
Presentation of consolidated statements of comprehensive income | R. Presentation of consolidated statements of comprehensive income Costs and expenses shown in PEMEX’s consolidated statements of income are presented based on their function, which allows for a better understanding of the components of PEMEX’s operating income. This classification allows for a comparison to the industry to which PEMEX belongs. i. Operating profit Operating profit is the result generated from the continuing principal revenue-producing activities of PEMEX as well as other income and expenses related to operating activities. Operating profit excludes net finance costs, share of profit of equity-accounted investees and income taxes and duties. Revenues Represents revenues from the sale of products or services. Cost of sales Cost of sales represents the acquisition and production costs of inventories, depreciation, amortization, salaries, wages and benefits, a portion of the cost of the reserve for employee benefits and operating expenses related to the production process, production taxes and duties, impairment, exploration costs, non-operating costs, among others. Other revenues and other expenses Other revenues and other expenses consist primarily of income and expenses that are not related directly to the operation of PEMEX. Transportation, distribution and sale expenses Transportation, distribution and sale expenses are costs in connection with the storage, sale and delivery of products, such as the depreciation and operating expenses associated with these activities. Administrative expenses Administrative expenses are costs related to PEMEX’s areas that provide administrative support. ii. Financing income and financing cost and derivative financial instruments income (cost), net Financing income Financing income is comprised of interest income, financial income and other income from financial operations between PEMEX and third parties. Financing cost Financing cost is comprised of interest expenses, commissions and other expenses related to PEMEX’s financing operations less any portion of the financing cost that is capitalized. When calculating interest income and expenses, the effective interest rate is applied to the gross carrying amount of the asset (when the asset has no credit impairment), to the amortized cost of the liability or to the present value lease liabilities. However, for financial assets with credit impairment after initial recognition, interest income is calculated by applying the effective interest rate at the amortized cost of the financial asset. If the asset ceases to be impaired, the interest income calculation returns to the gross base. Derivative financial instruments (cost) income, net Includes the result of changes in the fair value of derivative financial instruments (see note 18). |
Incentive for automotive fuels | S. Incentive for automotive fuels On March 3, 2022, the federal government issued a decree that established a tax incentive applicable to entities subject to the Impuesto Especial sobre Producción y Servicios (Special Tax on Production and Services). Pursuant to this stimulus, PEMEX can recover the difference between the international reference price of gasoline and the price at which the gasoline is traded in the domestic market. This stimulus is known as the "automotive incentive." The decree quantifies the automotive incentive based on the volume of fuel sold by applying a rate issued by the SHCP on a weekly basis. The decree also refers to the general rules issued by the SHCP that dictate the procedures to request the amount of the automotive incentive. The automotive incentive is measured based on the volume sold and the rates authorized in accordance with the decree and is recognized as income when the customer obtains control of the fuel when it is delivered to its facilities. At the same time, a revenue and an account receivable from the SHCP are recognized. The application for the automotive incentive is generally submitted during the first 17 days of the month following the month in which the automotive incentive was generated and is recovered during the 30 days following the application. Pemex Industrial Transformation does not have any performance obligations to comply with in order to qualify for the automotive incentive, except for the sale of fuel to third parties, which is what gives rise to the incentive under the decree. Since fuel returns are not accepted, the automotive incentive does not require these considerations in its quantification. Pursuant to the decree, the automotive incentive is not subject to the Impuesto sobre la Renta (Income Tax Law), and therefore it is considered non-cumulative income for the purposes of the Income Tax Law . |
Renewable fuels obligation | T. Renewable fuels obligation PEMEX is required to comply with the Renewable Fuel Standard implemented by the U.S. Environmental Protection Agency (“EPA”), which sets annual quotas for the quantity of renewable fuels (such as ethanol) that must be blended into motor fuels consumed in the United States. PEMEX’s renewable fuels obligations are based on a percentage of domestic product shipments as established by the EPA. PEMEX is required to purchase Renewable Identification Numbers (“RINs”). To the extent PEMEX is unable to blend the required amount of biofuels to satisfy its RINs obligations, PEMEX must purchase RINs on the open market to avoid penalties and fines. PEMEX accounts for its renewable fuels obligations on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs obligations accrued during the year. |
Segment Financial Information (
Segment Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Condensed Financial Information of Segments after Elimination of Unrealized Intersegment Gain (Loss) | The following tables present the condensed financial information of these segments, after elimination of unrealized intersegment gain (loss), and include only select line items. The columns before intersegment eliminations include unconsolidated figures. As a result, the line items presented below may not total. These reporting segments are those which PEMEX’s management evaluates in its analysis and on which it bases its decision-making. These reporting segments are presented in PEMEX’s reporting currency. As of/for the year ended December 31, 2022 Exploration Industrial Logistics DPRLP (3) Trading Corporate Other Intersegment Total Sales: Trade Ps. 580,722,599 1,206,916,270 — 238,510,433 334,364,847 — 17,488,810 — Ps. 2,378,002,959 Intersegment 717,367,392 302,190,952 89,622,240 29,193,820 819,994,494 80,179,770 73,050,303 (2,111,598,971) — Services income 86,348 1,096,095 1,582,712 430,512 2,173,075 867 15,741 — 5,385,350 (Impairment) of wells, pipelines, properties, plant and equipment, net (60,438,070) (25,615,351) 2,121,045 — 394,355 — — — (83,538,021) Cost of sales 599,574,788 1,577,012,772 78,006,637 243,355,903 1,146,203,099 1,188,124 83,905,905 (2,030,684,206) 1,698,563,022 Gross income 638,163,481 (92,424,806) 15,319,360 24,778,862 10,723,672 78,992,513 6,648,949 (80,914,765) 601,287,266 Distribution, transportation and sale expenses 413,551 20,000,274 284,725 — 693,982 51,637 91,625 (5,230,758) 16,305,036 Administrative expenses 64,390,637 60,136,092 18,374,788 1,000,038 2,768,334 75,097,855 7,613,971 (75,502,649) 153,879,066 Other revenue 10,630,959 9,632,988 333,558 29,832 11,538,185 906,823 6,868,728 — 39,941,073 Other expenses (21,104,328) (665,656) 554,533 (1,550,862) (925,859) (770,526) (1,409,589) 286,734 (25,585,553) Operating income (loss) 562,885,924 (163,593,840) (2,452,062) 22,257,794 17,873,682 3,979,318 4,402,492 105,376 445,458,684 Financing income 86,983,763 448,537 12,494,966 241,369 454,991 177,776,910 561,083 (251,733,654) 27,227,965 Financing cost (150,663,974) (31,341,752) (545,053) (1,381,250) (3,389,376) (222,446,318) (1,544,435) 251,628,278 (159,683,880) Derivative financial instruments (cost) income, net (12,618,664) (27,846) — — (1,870,306) (8,346,135) — — (22,862,951) Foreign exchange income (loss), net 104,112,481 27,124,384 112,618 — (258,955) (2,577,191) 1,176,753 — 129,690,090 Profit (loss) sharing in joint ventures and associates (649,968) (1,332,437) (254) — 22,757,389 149,613,112 43,949,040 (213,987,481) 349,401 Total duties, taxes and other 328,808,439 — (6,962,217) 212,621 (504,023) (2,412,355) 1,038,374 — 320,180,839 Net income (loss) Ps. 261,241,123 (168,722,954) 16,572,432 20,905,292 36,071,448 100,412,051 47,506,559 (213,987,481) 99,998,470 Total current assets 915,532,623 296,527,986 251,070,455 31,935,985 208,042,447 1,548,257,534 101,716,681 (2,825,188,933) 527,894,778 Total non-current assets 886,317,756 502,433,210 160,667,832 32,675,568 104,756,605 431,460,970 407,146,635 (807,795,310) 1,717,663,266 Total current liabilities 519,212,766 1,078,322,279 79,817,063 10,287,103 163,897,630 1,856,611,334 46,619,334 (2,825,030,251) 929,737,258 Total long-term liabilities 1,968,555,771 614,563,455 75,200,326 4,153,387 513,730 1,891,640,785 42,864,055 (1,512,848,498) 3,084,643,011 Total equity (deficit) (685,918,158) (893,924,538) 256,720,899 50,171,062 148,387,691 (1,768,533,615) 419,379,927 704,894,507 (1,768,822,225) Depreciation and amortization of wells, pipelines, properties, plant and equipment 113,656,994 15,173,731 5,938,265 2,457,584 350,789 554,672 1,639,780 — 139,771,815 Depreciation of rights of use 390,857 3,845,374 539,608 — 694,369 402,661 90,909 — 5,963,778 Net periodic cost of employee benefits 36,284,710 52,521,311 8,387,099 — 8,504 32,090,167 42,021 — 129,333,812 Interest income (1) 190,684 399,495 61,685 110,031 56,852 10,107,959 288,783 — 11,215,489 Interest cost (2) (96,942) 4,083,467 532,791 1,362,760 2,978,799 129,328,297 1,338,907 — 139,528,079 (1) Included in financing income. (2) Included in financing cost. (3) Beginning January 20, 2022, DPRLP information is now included as a separate business segment. As of/for the year ended December 31, 2021 Exploration Industrial Logistics Trading Corporate Other Intersegment Total Sales: Trade 468,417,239 704,624,236 — 304,536,717 — 13,077,187 — 1,490,655,379 Intersegment 460,572,660 186,494,071 84,952,786 400,866,433 83,781,482 29,314,136 (1,245,981,568) — Services income 177,607 510,999 2,949,047 1,314,183 1,700 19,705 — 4,973,241 (Impairment) of wells, pipelines, properties, plant and equipment, net 34,562,831 (32,153,192) (3,161,108) (459,126) — — — (1,210,595) Cost of sales 461,811,648 984,150,631 56,139,574 690,088,452 939,331 38,237,316 (1,164,716,250) 1,066,650,702 Gross income (loss) 501,918,689 (124,674,517) 28,601,151 16,169,755 82,843,851 4,173,712 (81,265,318) 427,767,323 Distribution, transportation and sales expenses 308,466 16,967,684 121,109 1,349,800 (43,465) 155,920 (3,820,964) 15,038,550 Administrative expenses 68,609,035 55,094,836 18,926,235 2,102,321 77,099,162 6,014,313 (77,413,591) 150,432,311 Other revenue 8,374,912 4,547,927 238,613 649,315 3,152,076 637,623 — 17,600,466 Other expenses (48,624,108) (1,518,540) (363,276) (42,633) (166,638) (234,410) (19,491) (50,969,096) Operating income (loss) 392,751,992 (193,707,650) 9,429,144 13,324,316 8,773,592 (1,593,308) (50,254) 228,927,832 Financing income 74,733,941 294,144 6,285,126 389,888 168,666,374 234,490 (221,697,179) 28,906,784 Financing cost (143,814,194) (18,879,599) (308,502) (2,050,801) (220,409,508) (856,474) 221,747,431 (164,571,647) Derivative financial instruments (cost) income, net (21,076,343) (20,346) — (1,624,762) (2,502,792) — — (25,224,243) Foreign exchange (loss), net (33,902,009) (5,627,711) 99 (21,490) (5,185,616) (938,323) — (45,675,050) (Loss) profit sharing in joint ventures and associates (452,617) (1,900,487) (118) (423,658) (246,891,433) (10,206,963) 256,787,169 (3,088,107) (Impairment) of joint ventures — — — (6,703,324) — — — (6,703,324) Taxes, duties and other 308,139,256 — (68,168) 2,061,302 (3,017,215) 232,947 — 307,348,122 Net (loss) income (39,898,486) (219,841,649) 15,473,917 828,867 (294,532,168) (13,593,525) 256,787,167 (294,775,877) Total current assets 875,933,631 252,372,772 219,321,008 244,042,561 1,970,621,443 71,425,922 (3,175,323,293) 458,394,044 Total non-current assets 837,915,816 418,907,482 154,076,115 40,872,714 448,667,108 220,334,642 (527,069,750) 1,593,704,127 Total current liabilities 495,444,322 776,564,748 62,569,320 189,834,560 2,538,932,073 34,183,077 (3,174,879,770) 922,648,330 Total non-current liabilities 2,203,155,765 657,020,316 77,857,852 792,646 2,050,485,763 27,632,466 (1,717,494,184) 3,299,450,624 Equity (deficit), net (984,750,640) (762,304,810) 232,969,951 94,288,069 (2,170,129,285) 229,945,021 1,189,980,911 (2,170,000,783) Depreciation and amortization 108,323,352 16,271,506 5,867,292 266,764 926,413 1,776,038 — 133,431,365 Depreciation of rights of use 386,412 4,235,223 268,824 884,797 518,108 114,507 — 6,407,871 Net periodic cost of employee benefits 38,215,687 54,997,753 11,661,937 48,093 35,102,165 189,769 — 140,215,404 Interest income (1) 175,149 245,596 46,414 105,464 14,060,450 83,330 — 14,716,403 Interest cost (2) 2,643,655 4,924,651 267,546 1,839,455 141,368,154 669,607 — 151,713,068 (1) Included in financing income. (2) Included in financing cost. As of/for the year ended December 31, 2020 Exploration Industrial Logistics Trading Companies Corporate Other Intersegment Total Sales: Trade 301,393,451 479,244,968 — 159,786,736 — 8,521,205 — 948,946,360 Intersegment 242,454,754 97,728,702 80,575,471 280,924,383 78,459,074 19,992,520 (800,134,904) — Services income 133,315 191,667 4,099,000 229,140 2,582 59,780 — 4,715,484 (Impairment) reversal of wells, pipelines, properties, plant and equipment, net 35,031,541 (71,854,015) 426,560 42,214 — — — (36,353,700) Cost of sales 391,513,815 658,688,191 43,614,768 430,672,407 982,895 26,553,326 (719,410,712) 832,614,690 Gross income (loss) 187,499,246 (153,376,869) 41,486,263 10,310,066 77,478,761 2,020,179 (80,724,192) 84,693,454 Distribution, transportation and sales expenses 251,625 14,823,740 107,691 1,277,980 79,072 130,604 (4,234,470) 12,436,242 Administrative expenses 72,457,241 52,116,760 15,762,946 2,106,780 75,738,889 4,183,772 (76,471,944) 145,894,444 Other revenue 2,162,510 4,106,298 513,076 874,412 264,856 3,847,694 — 11,768,846 Other expenses (896,526) (124,722) (7,445) (86,960) (93,966) (19,624) 34,529 (1,194,714) Operating (loss) income 116,056,364 (216,335,793) 26,121,257 7,712,758 1,831,690 1,533,873 16,751 (63,063,100) Financing income 77,700,999 469,222 3,340,622 307,229 161,678,495 1,122,880 (227,877,399) 16,742,048 Financing cost (164,419,519) (12,166,577) (450,802) (812,552) (210,316,330) (1,460,106) 227,860,644 (161,765,242) Derivative financial instruments (cost) income, net 24,939,748 22,862 — (1,794,243) (6,072,226) — — 17,096,141 Foreign exchange (loss), net (116,528,387) (9,060,800) (442,139) (750,041) (1,778,916) (389,021) — (128,949,304) (Loss) profit sharing in joint ventures and associates (61,956) (1,016,062) 3,813 (1,931,323) (433,417,288) (8,294,278) 441,176,561 (3,540,533) Taxes, duties and other 154,609,136 — 4,842,171 3,413,999 20,804,231 1,902,538 — 185,572,075 Net (loss) income (216,921,887) (238,087,148) 23,730,580 (682,171) (508,878,806) (9,389,190) 441,176,557 (509,052,065) Depreciation and amortization 101,126,295 19,744,860 5,917,668 317,241 1,066,178 1,459,578 — 129,631,820 Depreciation of rights of use 313,008 4,715,238 460,957 992,148 644,836 103,044 — 7,229,231 Net periodic cost of employee benefits 35,356,366 51,845,677 8,927,651 (1,156) 32,646,614 33,388 — 128,808,540 Interest income (1) 61,001 469,019 38,972 80,245 12,483,256 307,731 — 13,440,224 Interest cost (2) 3,343,074 5,340,096 364,871 195,249 132,594,376 1,280,290 — 143,117,956 (1) Included in financing income. (2) Included in financing cost. |
Supplemental Geographic Information | Supplemental geographic information For the years ended December 31, 2022 2021 2020 Domestic sales: Domestic sales Ps. 1,192,714,214 Ps. 762,114,551 Ps. 503,712,031 Incentive for automotive fuels (see Notes 3-S and 7-E) 111,863,956 — — Total domestic sales 1,304,578,170 762,114,551 503,712,031 Export sales: United States 847,736,491 503,358,963 304,344,028 Canada, Central and South America 3,946,692 2,888,992 2,105,703 Europe 77,239,046 69,011,487 45,254,008 Other countries 144,502,560 153,281,386 93,530,590 Total export sales 1,073,424,789 728,540,828 445,234,329 Services income (1) 5,385,350 4,973,241 4,715,484 Total revenues Ps. 2,383,388,309 Ps. 1,495,628,620 Ps. 953,661,844 |
Schedule of Income By Product | Revenue by product For the years ended December 31, 2022 2021 2020 Domestic sales: Refined petroleum products and derivatives (primarily gasolines) Ps. 1,155,023,948 Ps. 622,091,842 Ps. 409,240,569 Gas 123,754,373 113,103,547 79,176,837 Petrochemical products 25,799,849 26,919,162 15,294,625 Total domestic sales Ps. 1,304,578,170 Ps. 762,114,551 Ps. 503,712,031 Export sales: Crude oil Ps. 583,740,941 Ps. 468,219,964 Ps. 301,199,114 Refined petroleum products and derivatives (primarily gasolines) 445,703,884 172,389,717 107,391,773 Gas 17,429,517 76,144,006 32,192,334 Petrochemical products 26,550,447 11,787,141 4,451,108 Total export sales Ps. 1,073,424,789 Ps. 728,540,828 Ps. 445,234,329 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Schedule of Revenue Disaggregation | As of December 31, 2022, 2021 and 2020, the revenues were as follows: A. Revenue disaggregation For the year ended December 31, Exploration and Production Industrial Transformation (1) Logistics DPRLP (2) Trading Corporate Other Operating Total Geographical market 2022 United States Ps. 370,279,490 — — 238,940,945 237,373,418 — 1,573,151 848,167,004 Other 137,931,414 — — — 6,861,495 — 3,656,343 148,449,252 Europe 72,285,406 — — — 4,953,641 — — 77,239,047 Local 312,637 1,096,148,409 1,582,712 — 87,349,368 867 12,275,057 1,197,669,050 Incentive for automotive fuels (3) — 111,863,956 — — — — — 111,863,956 Total Ps. 580,808,947 1,208,012,365 1,582,712 238,940,945 336,537,922 867 17,504,551 2,383,388,309 2021 United States Ps. 258,726,545 — — — 240,012,752 — 4,619,666 503,358,963 Other 141,904,248 — — — 13,141,852 — 1,124,425 156,170,525 Europe 67,589,171 — — — 1,422,317 — — 69,011,488 Local 374,882 705,135,235 2,949,047 — 51,273,979 1,700 7,352,801 767,087,644 Total Ps. 468,594,846 705,135,235 2,949,047 — 305,850,900 1,700 13,096,892 1,495,628,620 2020 United States Ps. 171,640,991 — — — 131,653,920 — 1,049,117 304,344,028 Other 85,271,096 — — — 8,259,494 — 2,124,601 95,655,191 Europe 44,287,027 — — — 966,982 — — 45,254,009 Local 327,652 479,436,635 4,099,000 — 19,135,480 2,582 5,407,267 508,408,616 Total Ps. 301,526,766 479,436,635 4,099,000 — 160,015,876 2,582 8,580,985 953,661,844 Major products and services 2022 Crude oil Ps. 580,496,310 — — — 3,244,632 — — 583,740,942 Gas 226,289 122,981,393 — 12,419,661 104,994,293 — — 240,621,636 Refined petroleum products — 959,816,508 — 210,402,816 225,508,913 — — 1,395,728,237 Incentive for automotive fuels (3) — 111,863,956 — — — — — 111,863,956 Other — 12,254,413 — 15,687,956 617,009 — 17,488,810 46,048,188 Services 86,348 1,096,095 1,582,712 430,512 2,173,075 867 15,741 5,385,350 Total Ps. 580,808,947 1,208,012,365 1,582,712 238,940,945 336,537,922 867 17,504,551 2,383,388,309 2021 Crude oil Ps. 468,219,964 — — — — — — 468,219,964 Gas 197,275 112,906,272 — — 76,144,006 — — 189,247,553 Refined petroleum products — 572,490,831 — — 221,990,729 — — 794,481,560 Other — 19,227,133 — — 6,401,982 — 13,077,187 38,706,302 Services 177,607 510,999 2,949,047 — 1,314,183 1,700 19,705 4,973,241 Total Ps. 468,594,846 705,135,235 2,949,047 — 305,850,900 1,700 13,096,892 1,495,628,620 2020 Crude oil Ps. 301,199,114 — — — — — — 301,199,114 Gas 194,337 60,076,159 — — 51,098,675 — — 111,369,171 Refined petroleum products — 409,240,569 — — 107,391,773 — — 516,632,342 Other — 9,928,240 — — 1,296,288 — 8,521,205 19,745,733 Services 133,315 191,667 4,099,000 — 229,140 2,582 59,780 4,715,484 Total Ps. 301,526,766 479,436,635 4,099,000 — 160,015,876 2,582 8,580,985 953,661,844 Timing of revenue recognition 2022 Products transferred at a point in time Ps. 580,722,599 1,150,738,488 1,582,712 238,510,433 334,364,846 — 17,488,810 2,323,407,888 Products and services transferred over the time 86,348 57,273,877 — 430,512 2,173,076 867 15,741 59,980,421 Total Ps. 580,808,947 1,208,012,365 1,582,712 238,940,945 336,537,922 867 17,504,551 2,383,388,309 2021 Products transferred at a point in time Ps. 468,417,239 651,854,339 2,949,047 — 304,536,717 — 13,077,187 1,440,834,529 Products and services transferred over the time 177,607 53,280,896 — — 1,314,183 1,700 19,705 54,794,091 Total Ps. 468,594,846 705,135,235 2,949,047 — 305,850,900 1,700 13,096,892 1,495,628,620 2020 Products transferred at a point in time Ps. 301,526,766 479,244,968 4,099,000 — 159,786,736 — 8,521,205 953,178,675 Products and services transferred over the time — 191,667 — — 229,140 2,582 59,780 483,169 Total Ps. 301,526,766 479,436,635 4,099,000 — 160,015,876 2,582 8,580,985 953,661,844 (1) On January 1, 2021, Pemex Fertilizers was merged into Pemex Industrial Transformation. For comparison purposes all operations for periods prior to the merger are presented in the Pemex Industrial Transformation segment. (2) Beginning January 20, 2022 DPRLP information is now included as a separate business segment. (3) For more information on the incentive for automotive fuels, see Note 3-S and Note 7-E below. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Carrying Amounts and Fair Value of Financial Assets and Liabilities | The following tables present information about PEMEX’s carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy, as of December 31, 2022, and 2021. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. Additionally, as of December 31, 2022, and 2021, the disclosure of the fair value for the lease obligations is not required. Carrying amount Fair value hierarchy As of December 31, 2022 FVTPL FVOCI – FVOCI – Financial Other financial Total carrying Level 1 Level 2 Level 3 Total Financial assets measured at fair value Derivative financial instruments 12,755,568 — — — — 12,755,568 — 12,755,568 — 12,755,568 Equity instruments (1) — — 370,317 — — 370,317 — 370,317 — 370,317 Total 12,755,568 — 370,317 — — 13,125,885 Financial assets not measured at fair value Cash and cash equivalents — — — 64,414,511 — 64,414,511 — — — — Customers — — — 107,117,145 — 107,117,145 — — — — Officials and employees — — — 4,965,645 — 4,965,645 — — — — Sundry debtors — — — 40,074,758 — 40,074,758 — — — — Investments in joint ventures and associates — — — 2,043,966 — 2,043,966 — — — — Notes receivable — — — 1,334,126 — 1,334,126 — — — — Mexican Government Bonds — — — 110,179,517 — 110,179,517 108,062,414 — — 108,062,414 Other assets — — — 4,602,021 — 4,602,021 — — — — Total — — — 334,731,689 — 334,731,689 Financial liabilities measured at fair value Derivative financial instruments (22,242,056) — — — — (22,242,056) — (22,242,056) — (22,242,056) Total (22,242,056) — — — — (22,242,056) Financial liabilities not measured at fair value Suppliers — — — — (282,245,250) (282,245,250) — — — — Accounts and accrued expenses payable — — — — (81,808,426) (81,808,426) — — — — Leases — — — — (51,131,575) (51,131,575) — — — — Debt — — — — (2,091,463,996) (2,091,463,996) — (1,853,421,785) — (1,853,421,785) Total — — — — (2,506,649,247) (2,506,649,247) (1) Refers to the participation in TAG Pipelines Sur, S. de R.L. de C.V. Carrying amount Fair value hierarchy As of December 31, 2021 FVTPL FVOCI – FVOCI – Financial Other financial Total carrying Level 1 Level 2 Level 3 Total Financial assets measured at fair value Derivative financial instruments 12,473,967 — — — — 12,473,967 — 12,473,967 — 12,473,967 Equity instruments (1) — — 448,949 — — 448,949 — 448,949 — 448,949 Total 12,473,967 — 448,949 — — 12,922,916 Financial assets not measured at fair value Cash and cash equivalents — — — 76,506,447 — 76,506,447 — — — — Customers — — — 101,259,081 — 101,259,081 — — — — Officials and employees — — — 3,752,693 — 3,752,693 — — — — Sundry debtors — — — 37,034,460 — 37,034,460 — — — — Investments in joint ventures and associates — — — 2,254,952 — 2,254,952 — — — — Notes receivable — — — 1,646,290 — 1,646,290 — — — — Mexican Government Bonds — — — 110,855,356 — 110,855,356 109,124,514 — — 109,124,514 Other assets — — — 4,537,481 — 4,537,481 — — — — Total — — — 337,846,759 — 337,846,759 Financial liabilities measured at fair value Derivative financial instruments (13,636,086) — — — — (13,636,086) — (13,636,086) — (13,636,086) Total (13,636,086) — — — — (13,636,086) Financial liabilities not measured at fair value Suppliers — — — — (264,056,358) (264,056,358) — — — — Accounts and accrued expenses payable — — — — (32,015,808) (32,015,808) — — — — Leases — — — — (59,351,648) (59,351,648) — — — — Debt — — — — (2,249,695,894) (2,249,695,894) — (2,211,701,630) — (2,211,701,630) Total — — — — (2,605,119,708) (2,605,119,708) |
Summary of Monetary Assets and Liabilities Denominated In Foreign Currency | As of December 31, 2022 and 2021, PEMEX has monetary assets and liabilities denominated in foreign currency as indicated below: As of December 31, 2022 Foreign currency Assets Liabilities Net position Exchange Equivalent to U.S. dollar 10,362,175 111,567,112 (101,204,937) 19.4143 Ps. (1,964,823,008) Euro 2,464 10,143,850 (10,141,386) 20.7083 (210,010,864) Pounds sterling 4,467 450,285 (445,818) 23.3496 (10,409,672) Japanese yen — 110,180,315 (110,180,315) 0.1470 (16,196,506) Swiss francs — 365,554 (365,554) 20.9791 (7,668,994) Total Ps. (2,209,109,044) As of December 31, 2021 Foreign currency Assets Liabilities Net position Exchange Equivalent to U.S. dollar 14,268,352 97,614,622 (83,346,270) 20.5835 Ps. (1,715,557,949) Euro 741,098 11,735,899 (10,994,801) 23.4086 (257,372,899) Pounds sterling 2,085 469,032 (466,947) 27.8834 (13,020,070) Japanese yen — 110,178,061 (110,178,061) 0.1789 (19,710,855) Swiss francs — 365,348 (365,348) 22.5924 (8,254,088) Total Ps. (2,013,915,861) |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Summary of Cash and Cash Equivalents | As of December 31, 2022 and 2021, cash and cash equivalents were as follows: 2022 2021 Cash on hand and in banks (1)(2) Ps. 41,316,304 Ps. 41,520,864 Highly liquid investments (3) Ps. 23,098,207 Ps. 34,985,583 Total of cash and cash equivalents Ps. 64,414,511 Ps. 76,506,447 (1) Cash on hand and in banks is primarily composed of cash in banks. (2) As of December 31, 2021, includes Ps. 15,461,286 in cash allocated to the retirement plan of benefits to employees. These resources are obtained from the collection of Government Bonds that will be transferred exclusively to the Fideicomiso Fondo Laboral Pemex (“Pemex Labor Fund” or “FOLAPE”) for the payment of obligations related to pensions and retirement plans. |
Customers and Other Financing_2
Customers and Other Financing and Non-Financing Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Summary of Accounts Receivable and Other Receivables | A. Customers 2022 2021 Domestic customers, net Ps. 69,979,713 Ps. 54,031,475 Export customers, net 37,137,432 47,227,606 Total customers, net Ps. 107,117,145 Ps. 101,259,081 |
Schedule of Breakdown of Accounts Receivable Based on Credit History | The following table shows a breakdown of accounts receivable based on their credit history at December 31, 2022 and 2021, as well as the relation between the breakdown and the impaired amount: Domestic customers 2022 2021 Current Ps. 68,957,994 Ps. 53,653,649 1 to 30 days 1,386,538 876,782 31 to 60 days 876,493 384,335 61 to 90 days 527,907 46,924 More than 90 days 3,868,537 2,528,848 Total 75,617,469 57,490,538 Impaired (reserved) (5,637,756) (3,459,063) Total Ps. 69,979,713 Ps. 54,031,475 Export customers 2022 2021 Current Ps. 34,697,823 Ps. 41,549,673 1 to 30 days 1,186,553 4,980,175 31 to 60 days 15,010 12,227 61 to 90 days 6,117 47,016 More than 90 days 1,422,708 921,432 Total 37,328,211 47,510,523 Impaired (reserved) (190,779) (282,917) Total Ps. 37,137,432 Ps. 47,227,606 |
Summary of Reconciliation for Impaired Accounts Receivable | Additionally, the reconciliation for impaired accounts receivable is as follows: Domestic customers 2022 2021 2020 Balance at the beginning of the year Ps. (3,459,063) Ps. (1,182,729) Ps. (1,100,186) Impairment of accounts receivable (2,178,693) (2,276,334) (82,543) Balance at the end of the year Ps. (5,637,756) Ps. (3,459,063) Ps. (1,182,729) Export customers 2022 2021 2020 Balance at the beginning of the year Ps. (282,917) Ps. (211,363) Ps. (182,823) (Increase) cancellation 143,689 (72,761) (20,353) Translation effects (51,551) 1,207 (8,187) Balance at the end of the year Ps. (190,779) Ps. (282,917) Ps. (211,363) |
Summary of Other Accounts Receivable | B. Other financial and non-financial accounts receivable 2022 2021 Financial assets: Sundry debtors (1) Ps. 40,074,758 Ps. 37,034,460 Employees and officers 4,965,645 3,752,693 Total financial assets Ps. 45,040,403 Ps. 40,787,153 Non-financial assets: Taxes to be recovered and prepaid taxes Ps. 44,597,094 Ps. 80,581,955 Special Tax on Production and Services 75,213,134 53,176,800 Other accounts receivable 2,911,791 2,591,360 Total non-financial assets: Ps. 122,722,019 Ps. 136,350,115 (1) Includes Ps. (251,086) and Ps. (210,672) of impairment, as of December 31, 2022 and 2021, respectively. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of inventories [abstract] | |
Summary of Inventories | As of December 31, 2022 and 2021, inventories were as follows: 2022 2021 Refined and petrochemicals products Ps. 60,838,241 Ps. 40,359,715 Products in transit 25,345,696 21,614,227 Crude oil 32,971,427 18,540,376 Materials and products in stock 6,171,040 5,036,587 Materials in transit 393,964 313,899 Gas and condensate products 298,029 248,338 Ps. 126,018,397 Ps. 86,113,142 |
Investments in Joint Ventures_2
Investments in Joint Ventures and Associates (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract] | |
Schedule of Permanent Investments in joint Ventures and Associates | A. The investments in joint ventures and associates as of December 31, 2022 and 2021 were as follows: Percentage December 31, 2022 2021 Deer Park Refining Limited (1) 49.995% Ps. — Ps. 6,703,324 Sierrita Gas Pipeline LLC 35.00% 1,051,626 1,187,170 Frontera Brownsville, LLC. 50.00% 410,097 456,503 Texas Frontera, LLC. 50.00% 185,967 195,814 CH 4 Energía, S. A. de C.V. 50.00% 170,188 174,321 Administración Portuaria Integral de Dos Bocas, S. A. de C.V. 40.00% 91,537 110,344 Other, net Various 134,551 130,800 Total 2,043,966 8,958,276 (Impairment) in joint venture DPRLP (2) — (6,703,324) Total Ps. 2,043,966 Ps. 2,254,952 (1) As of December 31, 2021, PEMEX owned 49.995% interest in DPRLP, accordingly DPRLP was recognized through the equity method in the financial statements of PEMEX. As of December 31, 2022, PEMEX owns 100.00% interest in DPRLP and has control of the company. Accordingly, DPRLP is consolidated in the financial statements of PEMEX (see Note 12-B Acquisition of the joint venture ). |
Schedule (Loss) profit Sharing in Joint Ventures and Associates | Profit (loss) sharing in joint ventures and associates: December 31, 2022 2021 2020 Deer Park Refining Limited (1)(2) Ps. — Ps. (3,374,314) Ps. (4,056,037) Administración Portuaria Integral de Dos Bocas, S.A. de C.V. (18,807) (97,809) 42,782 Sierrita Gas Pipeline LLC 188,329 200,260 182,805 Frontera Brownsville, LLC. 18,632 34,670 55,738 CH4 Energía S.A. de C.V. 39,367 32,983 21,224 Texas Frontera, LLC. 19,321 20,892 34,486 Other, net 102,559 95,211 178,469 Profit (loss) sharing in joint ventures and associates, net Ps. 349,401 Ps. (3,088,107) Ps. (3,540,533) (1) As of December 31, 2021, PEMEX recognized an impairment in Deer Park of Ps. (6,703,324) (see Note 12-B) . (2) DPRLP's activity before business combination was recognized as a commission fee between the joint venture parties and now, the core business activity is the sale of refined products to third parties. The following tables show condensed financial information of major investments recognized under the equity method as of December 31, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020: i. Joint venture Condensed statements of financial position Deer Park Refining Limited December 31, 2021 (1) Cash and cash equivalents Ps. 16,961 Other current assets 2,747,712 Current assets 2,764,673 Non-current assets 43,991,962 Total assets 46,756,635 Current financial liabilities 20,056,315 Other current liabilities 1,040,825 Current liabilities 21,097,140 Non-current financial liabilities 11,000,707 Other liabilities 1,250,799 Non-current liabilities 12,251,506 Total liabilities 33,348,646 Total equity 13,407,989 Total liabilities and equity Ps. 46,756,635 (1) Joint venture until January 2022 (see Note 12-B). Condensed statements of comprehensive income Deer Park Refining Limited December 31, 2021 (1) 2020 (2) Sales and other income Ps. 10,706,417 Ps. 8,114,474 Costs and expenses 12,539,324 10,770,248 Depreciation and amortization 4,223,056 4,776,575 Interest paid 684,673 674,504 Income tax 8,660 6,028 Net result Ps. (6,749,296) Ps. (8,112,881) (1) The net loss was due unexpected repairs in the main distillation and coking unit of the refinery and heavy snowfalls in the Texas area, which caused a decrease in the processing of crude oil in refined products. (2) The net loss in 2020, was the result of the economic slowdown and the decline in consumption of refined products caused by COVID-19. ii. Associates Condensed statements of financial position Sierrita Gas Pipeline, LLC December 31, 2022 2021 Current assets Ps. 144,229 Ps. 134,266 Non-current assets 2,992,861 3,354,987 Total assets 3,137,090 3,489,253 Current liabilities 132,444 97,339 Total liabilities 132,444 97,339 Total equity 3,004,646 3,391,914 Total liabilities and equity Ps. 3,137,090 Ps. 3,489,253 Condensed statements of comprehensive income Sierrita Gas Pipeline, LLC December 31, 2022 2021 2020 Sales and other income Ps. 949,075 Ps. 957,549 Ps. 942,024 Costs and expenses 410,993 385,376 419,729 Net result Ps. 538,082 Ps. 572,173 Ps. 522,295 |
Schedule of Condensed Financial Information of Major Investments Recognized Under the Equity Method | The following tables show condensed financial information of major investments recognized under the equity method as of December 31, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020: i. Joint venture Condensed statements of financial position Deer Park Refining Limited December 31, 2021 (1) Cash and cash equivalents Ps. 16,961 Other current assets 2,747,712 Current assets 2,764,673 Non-current assets 43,991,962 Total assets 46,756,635 Current financial liabilities 20,056,315 Other current liabilities 1,040,825 Current liabilities 21,097,140 Non-current financial liabilities 11,000,707 Other liabilities 1,250,799 Non-current liabilities 12,251,506 Total liabilities 33,348,646 Total equity 13,407,989 Total liabilities and equity Ps. 46,756,635 (1) Joint venture until January 2022 (see Note 12-B). Condensed statements of comprehensive income Deer Park Refining Limited December 31, 2021 (1) 2020 (2) Sales and other income Ps. 10,706,417 Ps. 8,114,474 Costs and expenses 12,539,324 10,770,248 Depreciation and amortization 4,223,056 4,776,575 Interest paid 684,673 674,504 Income tax 8,660 6,028 Net result Ps. (6,749,296) Ps. (8,112,881) (1) The net loss was due unexpected repairs in the main distillation and coking unit of the refinery and heavy snowfalls in the Texas area, which caused a decrease in the processing of crude oil in refined products. (2) The net loss in 2020, was the result of the economic slowdown and the decline in consumption of refined products caused by COVID-19. ii. Associates Condensed statements of financial position Sierrita Gas Pipeline, LLC December 31, 2022 2021 Current assets Ps. 144,229 Ps. 134,266 Non-current assets 2,992,861 3,354,987 Total assets 3,137,090 3,489,253 Current liabilities 132,444 97,339 Total liabilities 132,444 97,339 Total equity 3,004,646 3,391,914 Total liabilities and equity Ps. 3,137,090 Ps. 3,489,253 Condensed statements of comprehensive income Sierrita Gas Pipeline, LLC December 31, 2022 2021 2020 Sales and other income Ps. 949,075 Ps. 957,549 Ps. 942,024 Costs and expenses 410,993 385,376 419,729 Net result Ps. 538,082 Ps. 572,173 Ps. 522,295 |
Summary of business acquisition consideration transferred | PEMEX’s purchase of control of Deer Park, through the 50.005% interest owned by Shell, included the following: Cash paid to Shell Ps. 8,597,743 U.S.$ 421,396 Payment of debt to third parties 18,289,066 896,391 Payment of DPRLP’s debt to company partners 3,496,054 171,350 Total consideration paid in cash Ps. 30,382,863 U.S.$ 1,489,137 Settlement of pre-existing relationship 6,663,803 326,609 Total consideration paid in cash and settlement of pre-existing relationship Ps. 37,046,666 U.S.$ 1,815,746 At the acquisition date, considering the amount of the value of the net assets and the consideration transferred, a gain at a bargain purchase was determined as follows: Total consideration transferred Ps. 37,046,666 U.S.$ 1,815,746 Fair value of the identifiable net assets acquired (38,317,854) (1,878,050) Gain on bargain purchase Ps. (1,271,188) U.S.$ (62,304) |
Disclosure Of Identifiable Assets Acquired And Liabilities Assumed | The following table summarizes the fair value of the identifiable assets acquired, including the recognized value of the PEMEX interest prior to the purchase. Cash and cash equivalents Ps. 1,597,759 U.S.$ 78,310 Inventories 6,918,473 339,091 Other current assets 131,661 6,453 Total current Assets Ps. 8,647,893 U.S.$ 423,854 Property, Plant and Equipment 29,669,961 1,454,196 Total identifiable net assets acquired Ps. 38,317,854 U.S.$ 1,878,050 |
Wells, Pipelines, Properties,_2
Wells, Pipelines, Properties, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Detailed Information About Property, Plant and Equipment | As of December 31, 2022 and 2021, wells, pipelines, properties, plant and equipment, net, is presented as follows: Plants Drilling Pipelines Wells Buildings Offshore Furniture and Transportation Construction in progress (1) Land Unproductive Total fixed assets Investment Balances as of January 1, 2020 811,705,022 13,492,631 481,791,665 1,387,228,249 60,311,739 354,353,029 48,829,010 16,829,532 161,870,424 44,225,819 — 3,380,637,120 Acquisitions 16,202,848 57,182 4,008,698 31,584,832 287,710 4,630,358 974,167 326,998 122,214,783 57,092 — 180,344,668 Reclassifications 3,218,834 — (507,065) 64,049 115 (2,931,778) 2,049 130,971 127,142 276,866 524,679 905,862 Impairment presentation (2) 113,522,135 (1,217) 24,292,290 121,070,386 9,817,972 67,305,005 (328,799) 6,303,440 36,777,946 — — 378,759,158 Capitalization 8,292,881 — 3,923,149 43,076,120 294,044 4,659,693 152,540 5,235,745 (65,840,388) 206,216 — — Disposals (1,455,531) — (18,032,858) (95,061,066) — (12,131,094) (318,412) (292,249) (1,714,397) — (524,679) (129,530,286) Balances as of December 31, 2021 Ps. 951,486,189 13,548,596 495,475,879 1,487,962,570 70,711,580 415,885,213 49,310,555 28,534,437 253,435,510 44,765,993 — 3,811,116,522 Acquisitions (3) 40,285,196 1,541,647 5,773,938 32,895,095 1,011,404 3,070,302 1,625,384 5,174,068 256,362,994 8,494,138 356,234,166 Reclassifications 44,338,725 — 2,137,001 1,972,298 410,847 2,859,195 (2,483,052) (4,580,377) 4,805,227 — — 49,459,864 Capitalization 30,301,243 — 13,363,116 71,078,360 2,330,895 3,353,495 3,449,069 1,136,196 (125,429,126) 416,752 — Disposals (6,351,833) (249,248) (22,967,437) (7,500,609) (71,787) (4,804,995) (560,452) (706,237) (3,646,240) (402,694) — (47,261,532) Translation effect (6,222,641) — (98,865) — (527,227) — (531,847) (260,670) (11,502,781) (148,894) — (19,292,925) Balances as of December 31, 2022 Ps. 1,053,836,879 14,840,995 493,683,632 1,586,407,714 73,865,712 420,363,210 50,809,657 29,297,417 374,025,584 53,125,295 — 4,150,256,095 Accumulated depreciation and amortization Balances as of January 1, 2021 (520,582,198) (5,902,442) (200,976,329) (1,081,366,803) (39,893,540) (204,238,464) (43,336,870) (8,210,953) — — — (2,104,507,599) Depreciation and amortization (39,126,110) (395,756) (16,731,217) (56,070,192) (1,846,486) (16,627,864) (2,008,187) (625,553) — — — (133,431,365) Reclassifications (4,541,518) 15,413 (90,202) (89,082) 5,701,953 51,568 59,141 103,085 (2,116,220) — — (905,862) Impairment presentation (2) (113,522,135) 1,217 (24,292,290) (121,070,386) (9,817,972) (67,305,005) 328,799 (6,303,440) (36,777,946) — — (378,759,158) (Impairment) (43,670,755) — (25,193,511) (62,151,433) — (5,503,546) — (108,749) (21,233,314) — — (157,861,308) Reversal of impairment 38,499,016 — 23,545,676 72,569,176 — 20,727,844 — — 1,309,001 — — 156,650,713 Disposals 453,965 — 7,300,538 65,307,692 — 8,820,911 261,910 85,648 — — — 82,230,664 Balances as of December 31, 2021 Ps. (682,489,735) (6,281,568) (236,437,335) (1,182,871,028) (45,856,045) (264,074,556) (44,695,207) (15,059,962) (58,818,479) — — (2,536,583,915) Depreciation and amortization (37,384,421) (547,660) (15,409,615) (65,167,740) (1,830,509) (15,680,102) (2,852,884) (898,884) — — — (139,771,815) Reclassifications (42,182,309) — (2,841,608) (760,459) (410,767) (3,870,692) 734,738 (150,676) 21,909 — — (49,459,864) (Impairment) (108,615,658) — (31,883,718) (41,479,729) (23,573) (33,606,850) (18,121) (4,244) (1,937,358) — — (217,569,251) Reversal of impairment 73,048,067 — 11,943,309 25,541,788 — 20,099,267 — — 3,398,799 — — 134,031,230 Disposals 4,535,971 235,584 10,140,565 4,631,085 67,940 2,940,843 549,592 436,631 — — — 23,538,211 Translation effect 3,644,232 — 46,887 — 256,458 — 349,479 13,103 — — — 4,310,159 Balances as of December 31, 2022 Ps. (789,443,853) (6,593,644) (264,441,515) (1,260,106,083) (47,796,496) (294,192,090) (45,932,403) (15,664,032) (57,335,129) — — (2,781,505,245) Wells, pipelines, properties, plant and equipment—net as of December 31, 2021 Ps. 268,996,454 7,267,028 259,038,544 305,091,542 24,855,535 151,810,657 4,615,348 13,474,475 194,617,031 44,765,993 — 1,274,532,607 Wells, pipelines, properties, plant and equipment—net as of December 31, 2022 Ps. 264,393,026 8,247,351 229,242,117 326,301,631 26,069,216 126,171,120 4,877,254 13,633,385 316,690,455 53,125,295 — 1,368,750,850 Depreciation rates 3 to 5% 5 % 2 to7% — 3 to 7% 4 % 3 to 10% 4 to 20% — — — — Estimated useful lives 20 to 35 20 15 to 45 — 33 to 35 25 3 to 10 5 to 25 — — — — (1) Mainly wells, pipelines and plants. (2) To present the accumulated effect of impairment as part of the accumulated depreciation and amortization. This presentation does not affect the net value of wells, pipelines, properties, plant and equipment. (3) On January 20, 2022, PEMEX acquired assets with a cost of Ps. 29,669,961, consisting mainly of plants. This amount includes assets acquired through a business combination (see Note 12). A. As of December 31, 2022, 2021 and 2020, the financing cost identified with fixed assets in the construction or installation stage, capitalized as part of the value of such fixed assets, was Ps. 4,580,836, Ps. 3,106,007 and Ps. 3,893,248, respectively. Financing cost rates during 2022, 2021 and 2020 were 5.40% to 7.80%, 6.10% to 7.05% and 5.75% to 7.08%, respectively. B. The combined depreciation of fixed assets and amortization of wells for the fiscal years ended December 31, 2022, 2021 and 2020, recognized in operating costs and expenses, was Ps. 139,771,815, Ps. 133,431,365 and Ps. 129,631,820, respectively. These figures include Ps. 113,656,994, Ps. 108,509,633 and Ps.101,339,417 for oil and gas production assets and costs related to plugging and abandonment of wells for the years ended December 31, 2022, 2021 and 2020 of Ps. 224,327, Ps. 143,779 and Ps. 2,731,317, respectively. C. As of December 31, 2022 and 2021, provisions relating to future plugging of wells costs amounted to Ps. 66,699,388 and Ps. 70,144,756, respectively, and are presented in the “Provisions for plugging of wells” (see Note 20). D. As of December 31, 2022, 2021 and 2020, acquisitions of property, plant and equipment include transfers from wells unassigned to a reserve for Ps. 10,630,314, Ps. 15,608,296 and Ps. 6,229,356, respectively (see Note 14). E. As of December 31, 2022, 2021 and 2020, the translation effect of property, plant and equipment items from a different currency than the presentation currency was Ps. (14,982,766), Ps. 2,477,528 and Ps. 490,203, respectively, which was mainly plant. F. As of December 31, 2022, 2021 and 2020, PEMEX recognized a net impairment of Ps. (83,538,021), Ps. (1,210,595) and Ps. (36,353,700), respectively, which is presented as a separate line item in the consolidated statement of comprehensive income as follows: 2022 2021 2020 (Impairment) / Reversal of Pemex Exploration and Production (60,438,070) 34,562,831 35,031,541 Pemex Industrial Transformation (25,615,351) (32,153,192) (71,761,571) Pemex Logistics 2,121,045 (3,161,108) 426,560 PMI Azufre Industrial — — 42,214 Gas Bienestar — (282,452) — Pemex Fertilizers — — (92,444) MGAS 394,355 (176,674) — (Impairment) reversal of impairment, net (83,538,021) (1,210,595) (36,353,700) |
Summary of Net Impairment and Net Reversal of Impairment | 2022 2021 2020 (Impairment) / Reversal of Pemex Exploration and Production (60,438,070) 34,562,831 35,031,541 Pemex Industrial Transformation (25,615,351) (32,153,192) (71,761,571) Pemex Logistics 2,121,045 (3,161,108) 426,560 PMI Azufre Industrial — — 42,214 Gas Bienestar — (282,452) — Pemex Fertilizers — — (92,444) MGAS 394,355 (176,674) — (Impairment) reversal of impairment, net (83,538,021) (1,210,595) (36,353,700) The net (impairment) and reversal of impairment were in the following CGUs: 2022 2021 2020 Construction in progress Ps. 2,121,045 (2,927,035) — Vessel — — 303,516 Land and transport (white pipelines) — (234,073) 123,044 Reversal of impairment (impairment), net Ps. 2,121,045 (3,161,108) 426,560 |
Assumptions to Determine Net Present Value of Reserves Long Lived Assets | To determine the value in use of long-lived assets associated to hydrocarbon extraction, the net present value of reserves is determined based on the following assumptions: 2022 2021 2020 Average crude oil price 59.37 U.S.$/bl 56.60 U.S.$/bl 52.96 U.S.$/bl Average gas price 4.98 U.S.$/mpc 4.66 U.S.$/mpc 5.21 U.S.$/mpc Average condensates price 64.95 U.S.$/bl 65.50 U.S.$/bl 61.09 U.S.$/bl After-tax discount rate 9.31% annual 6.89% annual 6.23% annual Pre-tax discount rate 14.27% annual 10.68% annual 9.72% annual To determine the value in use of long-lived assets associated with the CGUs of Pemex Industrial Transformation, the net present value of cash flows was determined based on the following assumptions: As of December 31, 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 Refining Gas Petrochemicals Ethylene Fertilizers Average crude oil Price (U.S.$) 68.79 60.4 48.89 N.A. N.A. N.A. N.A Processed volume (1) 909 mbd 891 mbd 920 mbd 2,061 mmpcd of humid gas 2,148 mmpcd of humid gas 2,134 mmpcd of humid gas Variable because the load inputs are diverse Rate of U.S.$ $19.4143 $20.5835 $19.9487 $19.4143 $20.5835 $19.9487 $19.4143 20.5835 $19.9487 $19.4143 20.5835 $19.9487 $19.4143 $20.5835 Useful lives of the cash-generating units (year average) 12 11 12 7 7 7 5 6 7 5 5 6 4 5 Pre-tax discount rate 14.16% 9.45% 10.83% 13.20% 10.15% 9.76% 10.73% 8.63% 9.76% 10.73% 8.63% 8.29% 13.25% 9.96% Period (2) 2023 - 2034 2022 - 2033 2020 - 2032 2023 - 2029 2022 - 2029 2020 - 2027 2023 - 2027 2022 - 2027 2020 - 2027 2023 - 2027 2020-2026 2023 - 2026 2020 - 2026 (1) Average of the first four years. (2) The first five years are projected and stabilize at year six. N.A. = Not applicable As of December 31, 2022 2021 2020 2022 2021 2020 2022 2021 2020 Pipelines Landing transport Vessel Discount rate 12.73% 12.57% 11.97% 12.73% 12.57% 11.97% 12.73% 12.57% 11.97% Useful life 19 20 22 2 3 5 16 17 19 As of December 31, 2020, Pemex Fertilizers recognized an impairment of Ps. (92,444) in CGUs mentioned above. The impairment was mainly caused from (i) the decrease in projected production due to the lack of raw material, (ii) increase in raw material prices, and (iii) decrease in ammonia prices. December 31, 2020 Exchange rate 19.9487 Discount rate 9.51% Useful life 22 |
Summary of Reversal Impairment loss for CGUs | 2022 2021 2020 Cantarell (48,371,891) (5,782,224) 3,477,189 Chuc (6,517,953) 26,962,488 8,348,556 Ixtal - Manik (6,042,806) 481,673 (481,672) Antonio J. Bermúdez (5,510,789) (1,815,596) (9,705,730) Aceite Terciario del Golfo (2,870,820) 13,493,508 29,954,187 Tamaulipas Constituciones (2,333,354) 684,766 (2,819,337) Santuario El Golpe (1,454,789) — — Cárdenas-Mora (1,150,448) — — Lakach (648,846) (705,781) (1,269,083) Cuenca de Macuspana (281,770) 38,939 735,920 Burgos 10,447,135 (12,517,196) 9,659,028 Tsimin Xux 2,268,459 (4,600,480) 3,920,244 Ébano (CEE) 1,298,911 (1,281,396) — Ogarrio Magallanes 530,061 (530,061) — Misión (CEE) 200,830 (908,043) (574,047) Crudo Ligero Marino — 20,238,977 (2,141,285) Arenque — 803,257 (803,256) Ayin - Alux — — (3,269,173) Total Ps. (60,438,070) 34,562,831 35,031,541 As of December 31, 2022, 2021 and 2020, values in use for CGU with impairment or reversal of impairment are: 2022 2021 2020 Chuc Ps. 58,826,338 86,217,289 35,037,408 Aceite Terciario del Golfo 44,910,967 75,544,451 38,617,385 Tsimin Xux 42,487,962 29,336,464 21,703,642 Ogarrio Magallanes 29,222,531 25,089,823 — Crudo Ligero Marino 27,993,723 34,424,670 11,455,311 Burgos 13,254,788 4,403,791 16,003,831 Ixtal - Manik 10,377,668 23,071,621 10,361,747 Antonio J. Bermúdez 10,090,851 18,666,302 23,717,426 Arenque 5,307,805 5,920,659 5,296,420 Ébano (CEE) 4,857,880 (7,573,109) — Tamaulipas Constituciones 3,000,177 5,878,883 4,971,235 Cuenca de Macuspana 82,209 722,874 899,838 Misión (CEE) (493,897) (101,442) 832,234 Lakach (2,246,174) (1,820,553) (571,834) Cárdenas-Mora (3,909,463) 4,893,697 — Santuario El Golpe (4,082,727) 17,225,366 — Cantarell (13,106,589) 54,669,897 121,968,126 Poza Rica — — 6,276,904 Costero — — 5,335,394 Total Ps. 226,574,049 376,570,683 301,905,067 2022 2021 2020 Minatitlán Refinery (17,502,044) (4,678,358) (37,432,704) Morelos Petrochemical Complex (7,512,584) 365,522 (2,350,704) Cangrejera Petrochemical Complex (6,419,084) (1,115) — Salamanca Refinery (5,819,013) (2,187,781) (5,386,525) Poza Rica Gas Processor Complex (3,656,338) — — Arenque Gas Processor Complex (199,943) — — Salina Cruz Refinery (101,943) (3,263,118) — Cadereyta Refinery (68,460) (2,195,115) (2,083,755) Tula Refinery 9,757,714 (6,446,357) (2,820,750) Madero Refinery 5,244,262 (13,216,073) (18,412,688) Cosoleacaque Petrochemical Complex 630,486 (726,631) — Pajaritos Petrochemical Complex 31,596 195,834 (1,484,489) Nuevo Pemex Gas Processor Complex — — (1,080,831) Ciudad Pemex Gas Processor Complex — — (709,125) Total Ps. (25,615,351) (32,153,192) (71,761,571) |
Summary of Recoverable Amount of Assets | As of December 31, 2022, 2021 and 2020, the value in use for the impairment of fixed assets was as follows: 2022 2021 2020 Salina Cruz Refinery Ps. 49,725,087 31,909,325 30,422,588 Tula Refinery 48,695,398 39,815,742 34,829,922 Cadereyta Refinery 48,191,707 39,432,148 40,793,541 Nuevo Pemex Gas Processor Complex 31,708,026 — — Salamanca Refinery 17,799,786 51,998,803 44,777,784 Madero Refinery 10,279,749 — 6,799,072 Minatitlán Refinery 4,061,210 20,545,810 18,819,247 Cosoleacaque Petrochemical Complex 1,974,484 625,255 — Arenque Gas Processor Complex 105,610 — — Cangrejera Ethylene Processor Complex — — 11,493,567 Morelos Ethylene Processor Complex — 7,903,064 9,396,765 Total Ps. 212,541,057 192,230,147 197,332,486 The recoverable amounts of the assets as of December 31, 2022, 2021 and 2020, corresponding to the discounted cash flows at the rate of 12.73%, 12.57% and 11.97%, respectively, as follows: 2022 2021 2020 TAD, TDGL, TOMS (Storage terminals) Ps. 66,431,256 76,522,522 95,169,597 Pipelines 43,707,101 113,847,249 88,740,662 Primary logistics 74,294,282 72,281,553 108,036,325 Total Ps. 184,432,639 262,651,324 291,946,584 |
Consolidated and Separate Financial Statements | See below for a condensed statement of comprehensive income and condensed statement of financial position, summarizing the exploration and extraction contracts listed above (presentation non-audited): Production-sharing contracts As of /For the year ended EK-Balam Block 2 Block 8 Block 16 Block 17 Block 18 Block 29 Block 32 Block Block 35 Santuario Misión Ébano Sales: Net sales 19,256,552 — — — — — — — — — 1,104,331 1,475,643 1,135,858 Cost of sales 5,802,059 103,938 51,069 35,832 38,675 73,599 29,134 86,593 144,327 32,342 2,253,631 108,622 1,204,615 Gross income (loss) 13,454,493 (103,938) (51,069) (35,832) (38,675) (73,599) (29,134) (86,593) (144,327) (32,342) (1,149,300) 1,367,021 (68,757) Other income (loss), net 28,255 (9,300) (3,425) — — — — — — — — (696) Administrative expenses 274 — — — — — — — — — 5,967 — 84,891 Operating income (loss) 13,482,474 (113,238) (54,494) (35,832) (38,675) (73,599) (29,134) (86,593) (144,327) (32,342) (1,155,267) 1,367,021 (154,344) Taxes, duties and other 4,908,531 — — — — — — — — 171 43,724 324,198 — Net income (loss) 8,573,943 (113,238) (54,494) (35,832) (38,675) (73,599) (29,134) (86,593) (144,327) (32,513) (1,198,991) 1,042,823 (154,344) Cash and cash equivalents — 198,344 74,011 — — 123,294 98,436 114,708 — — 15,208 — — Accounts receivable 70,044,445 284,298 56,568 35,105 15,867 36,961 1,139,578 253,171 48,200 316,429 10,901,871 7,920,779 3,995,264 Total current assets 70,044,445 482,642 130,579 35,105 15,867 160,255 1,238,014 367,879 48,200 316,429 10,917,079 7,920,779 3,995,264 Wells, pipelines, properties, plant and equipment, net 28,124,354 — — — — — — — — — 59,970 1,683,427 248,525 Other assets — 12,111 — — — — — — — — — — — Total assets 98,168,799 494,753 130,579 35,105 15,867 160,255 1,238,014 367,879 48,200 316,429 10,977,049 9,604,206 4,243,789 Suppliers 14,090,553 11,241 10,031 78,075 76,201 738 14,423 1,007 313,501 661,367 5,434,599 2,479,654 3,072,209 Taxes and duties payable 537,063 968 1,223 — — 1,643 951 2,076 — — 9,077 15,859 7,003 Other current liabilities 4,700,634 896,333 487,011 61,851 50,871 446,951 1,308,915 610,383 98,992 48,402 2,222,286 3,033,148 565,073 Deferred income taxes 4,284,410 — — — — — — — — — — — — Total liabilities 23,612,660 908,542 498,265 139,926 127,072 449,332 1,324,289 613,466 412,493 709,769 7,665,962 5,528,661 3,644,285 Equity (deficit), net 65,982,196 (300,551) (313,192) (68,989) (72,530) (215,478) (57,141) (158,994) (219,966) (360,827) 4,510,078 3,032,722 753,848 License contracts As of /For the year ended Trion Block 3 Block 2 Block 5 Block 18 Block 22 Cárdenas Mora Ogarrio Miquetla Sales: Net sales — — — — — — 2,092,236 2,084,907 422,796 Cost of sales — 42,947 127,366 66,975 71,444 63,617 2,325,582 959,465 1,162,390 Gross income (loss) — (42,947) (127,366) (66,975) (71,444) (63,617) (233,346) 1,125,442 (739,594) Other income (loss), net — — — — — — (459) (26) (8,374) Administrative expenses — — — — — — 61 86,162 147,842 Operating income (loss) — (42,947) (127,366) (66,975) (71,444) (63,617) (233,866) 1,039,254 (895,810) Taxes, duties and other — — — — — — 263,585 306,956 — Net income (loss) — (42,947) (127,366) (66,975) (71,444) (63,617) (497,451) 732,298 (895,810) Cash and cash equivalents — — — 108,522 114,901 — 40 — — Accounts receivable — 31,269 157,640 44,581 36,291 341,860 8,648,213 1,359,559 1,576,331 Total current assets — 31,269 157,640 153,103 151,192 341,860 8,648,253 1,359,559 1,576,331 Wells, pipelines, properties, plant and equipment, net — — — — — — 295,650 1,336,020 222,840 Total assets — 31,269 157,640 153,103 151,192 341,860 8,943,903 2,695,579 1,799,171 Suppliers — 181,591 390,009 89,438 99,996 575,293 3,974,082 2,344,715 2,085,393 Taxes and duties payable — — — 5,521 5,893 — 7,506 12,752 1,729 Other current liabilities — 59,442 201,321 459,113 477,335 116,107 1,390,814 4,021,185 262,675 Total liabilities — 241,033 591,330 554,072 583,224 691,400 5,372,402 6,378,652 2,349,797 Equity (deficit), net — (166,817) (306,324) (333,994) (360,588) (285,923) 4,068,952 (4,415,371) 345,184 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of Intangible Assets, Net are Wells Unassigned to a Reserve | A. Wells unassigned to a reserve 2022 2021 Wells unassigned to a reserve: Balance at the beginning of the year Ps. 18,639,136 21,435,160 Additions to construction in progress 34,291,324 25,377,983 Transfers against expenses (13,911,491) (12,565,711) Transfers against fixed assets (10,630,314) (15,608,296) Balance at the end of the year Ps. 28,388,655 18,639,136 |
Schedule of Other Components of Intangible Assets | B. Other intangible assets Licenses Exploration expenses, Total Cost Balance as of January 1, 2022 Ps. 5,258,823 1,845,848 Ps. 7,104,671 Additions 1,016,283 23,951 1,040,234 Effects of foreign exchange (33,617) (105,591) (139,208) 6,241,489 1,764,208 8,005,697 Amortization accumulated Balance as of January 1, 2022 (4,950,315) (777,346) (5,727,661) Additions (195,948) — (195,948) Amortization (492,311) (24,031) (516,342) Effects of foreign exchange 25,486 45,047 70,533 (5,613,088) (756,330) (6,369,418) Balance as of December 31, 2022 Ps. 628,401 1,007,878 Ps. 1,636,279 Useful lives 1 to 3 years Up to 36 years Licenses Exploration expenses, Total Cost Balance as of January 1, 2021 Ps. 4,885,305 1,769,100 6,654,405 Additions 416,070 20,165 436,235 Disposals (35,885) — (35,885) Effects of foreign exchange (6,667) 56,583 49,916 5,258,823 1,845,848 7,104,671 Amortization accumulated Balance as of January 1, 2021 Ps. (4,592,114) (721,667) (5,313,781) Disposals 32,561 — 32,561 Amortization (371,115) (32,180) (403,295) Effects of foreign exchange (19,647) (23,499) (43,146) (4,950,315) (777,346) (5,727,661) Balance as of December 31, 2021 Ps. 308,508 Ps. 1,068,502 Ps. 1,377,010 Useful lives 1 to 3 years Up to 36 years |
Government Bonds, Long-Term N_2
Government Bonds, Long-Term Notes Receivable And Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Notes Receivable Government Bonds And Other Long Term Assets [Abstract] | |
Summary of Roll forward Related to the Promissory Notes | The roll-forward related to the promissory notes as of December 31, 2020 is as follows: For the year ended 2020 (i) Balance at the beginning of the year Ps. 126,534,822 Collected promissory notes (4,102,622) Accrued interests 7,097,040 Interests received from promissory notes (881,048) Reversal of (impairment) of the promissory notes 8,000 Exchange from promissory notes to Bonds (128,656,192) Balance at the end of the period Ps. — (i) Until November 19, 2020. |
Summary of Balance of Government Bonds | As of December 31, 2022 and 2021, the balance of Government Bonds (see Note 15-A), includes Government Bonds valued at amortized cost as follows: 2022 2021 Government bonds (1) Ps. 110,179,517 Ps. 110,855,356 Less: current portion of Government Bonds, net of expected credit losses 46,526,257 1,253,451 Total long-term notes receivable Ps. 63,653,260 Ps. 109,601,905 (1) As of December 31, 2022 and 2021, includes an expected credit loss of Ps. 9,717 and Ps. 13,038, respectively. |
Summary of Roll forward of the Mexican Bonds | The roll-forward of the Mexican Bonds is as follows: December 31, 2022 2021 Balance as of the beginning of the year Ps. 110,855,356 Ps. 129,549,519 Government Bonds collected — (15,788,696) (1) Accrued interests 7,534,938 7,094,180 Interests received from bonds (7,455,715) (7,126,559) Impact of the valuation of bonds in UDIs 491,975 459,149 Amortized cost (1,250,358) (3,336,781) Reversal (Impairment) of bonds 3,321 4,544 Balance at the end of the year Ps. 110,179,517 Ps. 110,855,356 (1) Government Bonds were collected on December 9, 2021. |
Summary of Other Assets | At December 31, 2022 and 2021, the balance of other assets was as follows: December 31, 2022 2021 Payments in advance (1) Ps. 26,515,825 Ps. 35,931,167 Other 2,565,824 2,327,872 Insurance 1,621,076 853,891 Total other assets Ps. 30,702,725 Ps. 39,112,930 (1) Mainly advance payments to contractors for the construction of the Dos Bocas Refinery through PTI ID. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of long term debt [abstract] | |
Summary Of Detailed Information About Borrowings | Security Issuer Guarantors Principal amount outstanding U.S.$ 6.875% Notes due 2025 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 901,836 6.700% Notes due 2032 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 6,779,842 Security Issuer Guarantors Principal amount outstanding U.S.$ 8.750% Notes due 2029 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,984,688 |
Summary of Long-term Debt | As of December 31, 2022 and 2021, debt was as follows: 2022 Rate of interest (1) Maturity Pesos Foreign currency U.S. dollars Bonds Fixed from 2.29% to 9.50%, SOFR plus 2.20% to 3.00% and LIBOR plus 0.35% to 0.43% Various to 2060 1,164,663,984 U.S.$ 59,990,007 Project financing Fixed from 2.96% and LIBOR plus 0.45% to 1.38% Various to 2031 21,706,959 1,118,091 Direct loans Fixed from 5.25%, LIBOR plus 1.75% to 3.50% Various to 2031 58,490,408 3,012,749 Syndicated loans LIBOR plus 2.35% Various to 2024 48,535,750 2,500,000 Bank loans Fixed at 3.50% and LIBOR plus 1.19% and 1.25% 2023 66,239 3,412 Revolving credit lines SOFR plus 3.00%, LIBOR plus 3.58% and 3.75% and Fed effective plus 1.55% 2023 151,646,707 7,811,083 Financing of Infrastructure asset Fixed from 5.40% and 8.40% Various to 2036 23,896,275 1,230,859 Plus Factoring SOFR plus 3.15% 2023 2,030,718 104,599 Total financing in U.S. dollars 1,471,037,040 U.S.$ 75,770,800 Euros Bonds Fixed from 2.75% to 5.50% EURIBOR plus 2.40% Various to 2030 192,131,988 € 9,278,018 Direct loans Fixed at 5.11% Various to 2023 10,354,150 500,000 Total financing in Euros 202,486,138 € 9,778,018 Japanese yen Bonds Fixed from 0.54% to 3.50% Various to 2026 16,157,618 ¥ 109,915,769 Pesos Certificados bursátiles TIIE plus 1.00% and fixed from 7.19% to 7.47% Various to 2026 93,536,610 Direct loans Fixed from 6.55% and TIIE plus 0.85% to 3.65% Various to 2029 56,802,606 Plus Factoring TIIE plus 2.55% to 2.80% and CETES plus 1.60% to 2.50% 2023 16,416,368 Syndicated loans TIIE plus 0.95% Various to 2025 10,200,000 Revolving credit lines TIIE plus 1.50% to 3.50% Various to 2023 29,500,000 Monetization of Mexican Government Bonds Fixed from 9.08200% Various to 2024 99,739,938 Total financing in pesos 306,195,522 UDIs Certificados bursátiles Fixed from 3.02% to 5.23% Various to 2035 38,085,401 Other currencies Bonds Fixed from 1.75% and 3.75% Various to 2025 18,138,980 Total principal in pesos (2) 2,052,100,699 Plus: Accrued interest 39,363,297 Notes payable to contractors (3) — Total principal and interest 2,091,463,996 Less: Short-term maturities 426,584,386 Current portion of notes payable to contractors (3) — Accrued interest 39,363,297 Total short-term debt and current portion of long-term debt 465,947,683 Long-term debt Ps. 1,625,516,313 2021 Rate of interest (1) Maturity Pesos Foreign currency U.S. dollars Bonds Fixed from 1.7% to 9.5% and LIBOR plus 0.35% to 3.65% Various to 2060 Ps. 1,242,945,106 U.S.$ 60,385,508 Project financing LIBOR plus 0.28% to 1.75% Various to 2031 33,596,532 1,632,207 Direct loans Fixed from 5.25% and LIBOR plus 1.07% to 3.50% Various to 2031 60,802,906 2,953,963 Syndicated loans LIBOR plus 2.35% Various to 2024 51,458,750 2,500,000 Bank loans Fixed at 3.50% and LIBOR plus 1.19% and 1.25% Various to 2023 407,929 19,818 Revolving credit lines LIBOR plus 2.0% to 3.75% and Fed effective plus 1.30% 2022 160,379,535 7,791,655 Financing of Infrastructure asset Fixed from 5.40% and 8.40% Various to 2036 27,232,062 1,323,004 Total financing in U.S. dollars 1,576,822,820 U.S.$ 76,606,155 Euros Bonds Fixed from 1.875% to 5.50% EURIBOR plus 2.40% Various to 2030 254,527,144 € 10,873,232 Direct loans Fixed at 5.11% Various to 2023 11,704,300 500,000 Total financing in Euros 266,231,444 € 11,373,232 Japanese yen Bonds Fixed from 0.54% to 3.5% Various to 2026 19,663,527 ¥ 109,913,510 Pesos Certificados bursátiles TIIE plus 1.00% and Fixed from 7.19% to 7.47% Various to 2026 93,428,071 Direct loans Fixed from 6.55% and TIIE plus 0.85% to 5.24% Various to 2029 34,420,635 Plus Factoring TIIE plus 2.37% to 3.32% 2022 20,003,268 Syndicated loans TIIE plus 0.95% Various to 2025 15,000,000 Revolving credit lines TIIE plus 1.50% and 2.90% Various to 2022 37,000,000 Monetization of Mexican Government Bonds Fixed at 8.56275% Various to 2023 83,401,120 Total financing in pesos 283,253,094 UDIs Certificados bursátiles Fixed from 3.02% to 5.23% Various to 2035 35,454,689 Other currencies Bonds Fixed from 1.75% to 8.25% Various to 2025 30,503,050 Total principal in pesos (2) 2,211,928,624 Plus: Accrued interest 37,338,471 Notes payable to contractors (3) 428,799 Total principal and interest 2,249,695,894 Less: Short-term maturities 454,516,343 Current portion of notes payable to contractors (3) 428,799 Accrued interest 37,338,471 Total short-term debt and current portion of long-term debt 492,283,613 Long-term debt Ps. 1,757,412,281 |
Summary of Changes in Consolidated Debt | The following table presents the roll-forward of total debt of PEMEX for each of the year ended December 31, 2022 and 2021, which includes short and long-term debt: 2022 (1) 2021 (1) Changes in total debt: At the beginning of the year Ps. 2,249,695,894 Ps. 2,258,727,317 Loans obtained - financing institutions (2) 1,064,179,416 1,652,151,747 Debt payments (1,107,159,280) (1,707,581,580) Accrued interest (3)(4) 160,020,297 162,903,771 Interest paid (154,017,189) (157,256,625) Foreign exchange (121,255,142) 40,751,264 At the end of the year Ps. 2,091,463,996 Ps. 2,249,695,894 (1) These amounts include accounts payable by Financed Public Works Contracts (“FPWC”) (formerly known as, Multiple Services Contracts), which do not generate cash flows. (2) Petróleos Mexicanos implemented a factoring scheme to support its suppliers. Amounts for 2021 totaled Ps. 15,934,904, which did not represent cash flows. (3) During 2022, includes Ps. 379,045 of premiums and awards amortizations; Ps. (355,978) of fees and expenses related to the issuance of debt and amortized cost of Ps. 3,827,232. (4) During 2021, includes Ps. 3,290,673 of premiums and awards amortizations; Ps. (2,835,359) of fees and expenses related to the issuance of debt and amortized cost of Ps. 6,226,947. |
Summary of Maturities of Long Term Debt Principal Outstanding and Accrued Interest | 2023 2024 2025 2026 2027 2028 and Total Maturity of the total principal outstanding and accrued interest as of December 31, 2022, for each of the years ending December 31. Ps. 465,947,683 250,055,685 92,786,910 165,272,035 146,108,988 971,292,695 Ps. 2,091,463,996 |
Summary of Notes Payable to Contractors | The total amounts of notes payable to contractors as of December 31, 2022 and 2021, current and long-term, are as follows: 2021 Total notes payable to contractors (1)(2) Ps. 428,799 Less: current portion of notes payable to contractors 428,799 Notes payable to contractors (long-term) Ps. — (1) PEMEX entered into FPWCs pursuant to which the hydrocarbons and construction in progress are property of Pemex Exploration and Production. Pursuant to the FPWC, the contractors manage the work in progress, classified as development, infrastructure and maintenance. As of December 31, 2021, PEMEX had no outstanding amount payable, as the agreement reached its maturity. (2) During 2007, Pemex Exploration and Production contracted for the purchase of a Floating Production Storage and Offloading (“FPSO”) vessel. The investment in the vessel totaled U.S.$723,575. As of December 31, 2022 there was no outstanding amount and as of December 31, 2021, the outstanding balance owed to the contractor was Ps. 445,299 (U.S.$21,437) . |
Summary of Foreign Currency Translation | As of December 31, 2022 and 2021, PEMEX used the following exchange rates to translate the outstanding balances in foreign currencies to pesos in the statement of financial position: 2022 2021 U.S. dollar 19.4143 20.5835 Japanese yen 0.1470 0.1789 Pounds sterling 23.3496 27.8834 Euro 20.7083 23.4086 Swiss francs 20.9791 22.5924 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Summary of right-of-use assets | i. Rights of use assets are as follow: Rights of use assets Transportation and Plants Drilling Rights of use Port facilities Buildings Lands Total Balance as of January 1, 2021 Ps. 25,268,381 23,823,684 5,938,628 1,664,525 2,417,909 48,761 33,369 Ps. 59,195,257 Depreciation of the year (3,872,379) (2,081,243) (196,278) (88,284) (144,680) (21,841) (3,166) (6,407,871) Cancellations (2,866,335) (435,062) — — — — — (3,301,397) Additions 2,119,878 2,419,911 — — 82,388 35,157 616 4,657,950 Currency translation effect 18,381 — — — 33,020 401 692 52,494 Reversal of Impairment — — — 87,025 — — — 87,025 Balance as of December 31, 2021 Ps. 20,667,926 23,727,290 5,742,350 1,663,266 2,388,637 62,478 31,511 Ps. 54,283,458 Depreciation of the year (3,333,879) (2,050,826) (277,276) (86,342) (182,369) (29,968) (3,118) (5,963,778) Additions 4,396,333 — 434,451 — 451,013 36,400 336 5,318,533 Cancellations (1,984,257) (1,601,197) — — — — — (3,585,454) Currency translation effect (487,536) — — — (42,328) (346) (1,702) (531,912) Balance as of December 31, 2022 Ps. 19,258,587 20,075,267 5,899,525 1,576,924 2,614,953 68,564 27,027 Ps. 49,520,847 Estimated useful life 1 to 10 years 14 years 10 years 23 years 20 years 1 to 5 years 5 years |
Summary of leases liabilities | ii. Leases liabilities are as follows: 2022 2021 Lease liabilities recognized at January 1 Ps. 59,351,649 63,184,128 Additions 5,318,533 4,657,950 Cancellations (4,392,850) (3,734,303) Payments of principal (7,362,686) (7,622,403) Accrued interest 4,304,918 4,773,883 Interests paid (3,274,137) (3,646,028) Foreign Exchange (2,813,852) 1,738,422 Lease liabilities at December 31, Ps. 51,131,575 59,351,649 |
Summary of lease liabilities recognized in statement of comprehensive income | iii. Amounts recognized in the statement of comprehensive Income 2022 2021 Depreciation of rights of use Ps. 5,963,778 Ps. 6,407,871 Interests from lease liabilities 4,445,315 4,985,566 Expenses related to short-term leases 106,695 105,789 |
Summary of lease liabilities recognized in statement of cash flows | iv. Amounts recognized in the statement of cash flows 2022 2021 Lease payments (principal and interest) Ps. (10,636,823) Ps. (11,268,431) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Portfolio of Financial Instruments Composed of Debt Instruments and DFI | This portfolio of financial instruments is composed of debt instruments and DFIs as shown below: Reference Rate *Notional Amount Debt LIBOR 1M U.S.$ 471,780 LIBOR 3M U.S.$ 343,710 LIBOR 6M U.S.$ 787,068 DFI LIBOR 1M U.S.$ 2,500,000 LIBOR 3M U.S.$ 156,250 LIBOR 6M U.S.$ 243,750 * Note: Notional amounts with maturity after June 30, 2023. In the event that TIIE ceases to be published, the portfolio of financial instruments referenced to these floating rates is composed of debt instruments and DFIs as shown below: Reference Rate *Notional Amount Debt TIIE 28D MXN 66,950,939 TIIE 91D MXN 20,392,684 DFI TIIE 28D MXN 31,733,673 * Note: Notional amounts with maturity after December 31, 2022. |
Details of Interest Rate Sensitivity | Interest rate sensitivity to + 10 bp Interbank Yield Curves PEMEX Curves Currency Sensitivity Sensitivity Sensitivity Sensitivity CHF U.S.$ 366 U.S.$ (368) U.S.$ (2) U.S.$ 357 Euro 30,739 (27,583) 3,156 23,409 Pound Sterling 1,468 (1,458) 10 1,312 Yen 2,418 (1,237) 1,181 2,064 Peso 12,349 454 12,803 11,534 UDI 10,510 (10,143) 367 8,770 U.S. dollar 786,744 176,361 963,105 254,268 In thousands of U.S. dollars |
Details of Interest Rate and Currency Derivative Financial Instruments | INTEREST RATE and CURRENCY DFIs Exchange rate sensitivity +1% and VaR 95% Interbank Yield Curves Sensitivity VaR 95% PEMEX Curves Currency Sensitivity Sensitivity Sensitivity CHF U.S.$ (3,913) U.S.$ 3,964 U.S.$ 51 U.S.$ (42) U.S.$ (3,850) Euro (111,148) 76,215 (34,933) (36,092) (96,480) Pound Sterling (5,336) 5,334 (2) (3) (4,863) Yen (8,463) 2,045 (6,418) (7,542) (7,567) Peso (164,652) (17,471) (182,123) (165,737) (161,607) UDI (21,259) 20,794 (465) (435) (19,120) In thousands of U.S. dollars |
Details of Current and Potential Exposures and Aggregated By Credit Rating | Maximum Credit Exposure by term in Petróleos Mexicanos Rating Current Less than 1-3 years 3-5 years 5-7 years 7-10 years More than 10 years A+ U.S.$ (176,154) U.S.$ 166,520 U.S.$ 191,753 U.S.$ 111,377 U.S.$ 123,806 U.S.$ — U.S.$ — A (102,791) 224,207 253,413 163,192 100,000 — — A- (216,848) 378,031 218,832 253,977 124,570 — — BBB+ 55,029 234,233 401,638 416,710 97,429 120,463 157,057 BBB (52,181) 361,620 587,566 519,802 343,821 266,512 288,818 BBB- (137,999) 29,622 90,515 123,290 148,267 — — in thousands of U.S. dollars |
Summary Maximum Credit Exposure by term in Petróleos Mexicanos including debt | Maximum Credit Exposure by term in Petróleos Mexicanos including debt Rating Current Less than 1-3 years 3-5 years 5-7 years 7-10 years More than 10 years A+ U.S.$ — U.S.$ — U.S.$ — U.S.$ 111,377 U.S.$ 123,806 U.S.$ — U.S.$ — A — — 3,413 163,192 100,000 — — A- — 96,659 147,895 253,977 124,570 — — BBB+ — — — 416,710 97,429 120,463 157,057 BBB — — — 519,802 343,821 266,512 288,818 BBB- — 29,622 90,515 123,290 148,267 — — in thousands of U.S. dollars |
Details of Quantitative Disclosure of Debt Cash Flow's Maturities | Quantitative Disclosure of Debt Cash Flow Maturities as of December 31, 2022 (1)(2) Year of expected maturity date 2023 2024 2025 2026 2027 2028 Thereafter Total Fair Value Liabilities Outstanding debt Fixed rate (U.S. dollars) Ps. 49,003,377 Ps. 22,392,384 Ps. 34,634,833 Ps. 74,001,164 Ps. 116,556,308 Ps. 895,763,628 Ps. 1,192,351,694 Ps. 1,011,100,409 Average interest rate (%) — — — — — — 6.59 % Fixed rate (Japanese yen) 4,410,000 — — 11,747,618 — — 16,157,618 14,691,136 Average interest rate (%) — — — — — — 1.35 % Fixed rate (pound sterling) — — 10,479,479 — — — 10,479,479 9,441,285 Average interest rate (%) — — — — — — 3.75 % Fixed rate (pesos) 38,129,345 118,930,168 — 31,135,724 — — 188,195,237 182,158,536 Average interest rate (%) — — — — — — 7.76 % Fixed rate (UDIs) — — — 24,060,801 — 14,024,600 38,085,401 37,120,498 Average interest rate (%) — — — — — — 4.09 % Fixed rate (euros) 28,979,202 25,859,165 34,142,241 20,714,535 25,865,189 53,510,465 189,070,797 173,811,236 Average interest rate (%) — — — — — — 4.30 % Fixed rate (Swiss francs) 7,659,500 — — — — — 7,659,500 7,475,294 Average interest rate (%) — — — — — — 1.75 % Total fixed rate debt Ps. 128,181,424 Ps. 167,181,717 Ps. 79,256,553 Ps. 161,659,842 Ps. 142,421,497 Ps. 963,298,693 Ps. 1,641,999,726 Ps. 1,435,798,394 Variable rate (U.S. dollars) Ps. 204,537,935 Ps. 57,417,565 Ps. 5,739,676 Ps. 2,398,477 Ps. 2,487,239 Ps. 6,104,457 Ps. 278,685,349 Ps. 272,536,429 Variable rate (euros) 13,415,342 — — — — — 13,415,342 13,497,422 Variable rate (pesos) 80,449,683 25,456,403 7,790,683 1,213,716 1,200,252 1,889,545 118,000,282 131,589,540 Total variable rate debt Ps. 298,402,960 Ps. 82,873,968 Ps. 13,530,359 Ps. 3,612,193 Ps. 3,687,491 Ps. 7,994,002 Ps. 410,100,973 Ps. 417,623,391 Total debt Ps. 426,584,384 Ps. 250,055,685 Ps. 92,786,912 Ps. 165,272,035 Ps. 146,108,988 Ps. 971,292,695 Ps. 2,052,100,699 Ps. 1,853,421,785 Note: Numbers may not total due to rounding. (1) The information in this table has been calculated using exchange rates at December 31, 2022, of Ps. 19.4143 = U.S. $1.00; Ps. 0.1470 = 1.00 Japanese yen; Ps. 23.3496 = 1.00 pound sterling; Ps. 7.646804 = 1.00 UDI; Ps. 20.7083 = 1.00 euro; and Ps. 20.9791 = 1.00 Swiss franc. (2) Does not include accrued interest. Quantitative Disclosure of Debt Cash Flow Maturities as of December 31, 2021 (1)(2) Year of expected maturity date 2022 2023 2024 2025 2026 2027 Thereafter Total Fair Value Liabilities Outstanding debt Fixed rate (U.S. dollars) Ps. 37,913,852 Ps. 50,307,730 Ps. 23,079,032 Ps. 36,124,005 Ps. 78,925,073 Ps. 1,032,384,964 Ps. 1,258,734,656 Ps. 1,294,291,227 Average interest rate (%) — — — — — — 6.00 % Fixed rate (Japanese yen) — 5,367,000 — — 14,296,527 — 19,663,527 18,454,292 Average interest rate (%) — — — — — — 1.00 % Fixed rate (pounds sterling) 9,753,906 — — 12,508,863 — — 22,262,769 23,002,138 Average interest rate (%) — — — — — — 6.00 % Fixed rate (pesos) 85,401,120 — 57,280,273 — 31,048,584 — 173,729,977 171,407,986 Average interest rate (%) — — — — — — 8.00 % Fixed rate (UDIs) — — — — 22,428,519 13,026,170 35,454,689 35,287,367 Average interest rate (%) — — — — — — 4.00 % Fixed rate (euros) 37,384,961 32,746,388 29,205,234 38,593,629 23,400,183 89,686,575 251,016,970 260,931,866 Average interest rate (%) — — — — — — 4.00 % Fixed rate (Swiss francs) — 8,240,281 — — — — 8,240,281 8,302,575 Average interest rate (%) — — — — — — 2.00 % Total fixed rate debt Ps. 170,453,839 Ps. 96,661,399 Ps. 109,564,539 Ps. 87,226,497 Ps. 170,098,886 Ps. 1,135,097,709 Ps. 1,769,102,869 Ps. 1,811,677,451 Variable rate (U.S. dollars) Ps. 200,020,654 Ps. 34,147,302 Ps. 61,710,357 Ps. 6,949,574 Ps. 3,382,861 Ps. 12,306,214 Ps. 318,516,962 Ps. 274,925,000 Variable rate (euros) — 15,214,474 — — — — 15,214,474 15,241,361 Variable rate (pesos) 84,470,650 7,029,082 10,790,839 6,907,513 206,075 118,960 109,523,119 109,857,819 Total variable rate debt Ps. 284,491,304 Ps. 56,390,858 Ps. 72,501,196 Ps. 13,857,087 Ps. 3,588,936 Ps. 12,425,174 Ps. 443,254,555 Ps. 400,024,180 Total debt Ps. 454,945,143 Ps. 153,052,257 Ps. 182,065,735 Ps. 101,083,584 Ps. 173,687,822 Ps. 1,147,522,883 Ps. 2,212,357,424 Ps. 2,211,701,631 Note: Numbers may not total due to rounding. (1) The information in this table has been calculated using exchange rates at December 31, 2021, of Ps. 20.5835 = U.S. $1.00; Ps. 0.1789 = 1.00 Japanese yen; Ps. 27.8834 = 1.00 pound sterling; Ps. 7.108233 = 1.00 UDI; Ps. 23.4086 = 1.00 euro; and Ps. 22.5924 = 1.00 Swiss franc. (2) Does not include accrued interest. Quantitative Disclosure of Cash Flow Maturities from Derivative Financial Instruments Held or Issued for Purposes Other than Trading as of December 31, 2022 (1) (2) Year of expected maturity date 2023 2024 2025 2026 2027 2028 Total Carrying Fair Value (3) Hedging Instruments Interest Rate DFI (2)(4) Interest Rate Swaps (U.S. dollars) Variable to fixed Ps. 4,346,428 Ps. 3,227,627 Ps. 2,378,252 Ps. — Ps. — Ps. — Ps. 9,952,307 Ps. 409,459 Average pay rate 2.37% 2.35% 2.31% 0.00% 0.00% 0.00% N.A. N.A. Average receive rate 5.45% 5.07% 4.34% 0.00% 0.00% 0.00% N.A. N.A. Interest Rate Options Buy Cap, Sell Floor on floating in U.S. dollar LIBOR 1M Ps. — Ps. 48,535,750 Ps. — Ps. — Ps. — Ps. — Ps. 48,535,750 Ps. 2,263,382 Currency DFI Cross-currency swaps Receive euros/Pay U.S. dollars Ps. 45,303,255 Ps. 25,853,538 Ps. 37,200,560 Ps. 21,259,267 Ps. 26,074,861 Ps. 56,631,520 Ps. 212,323,001 Ps. (11,745,814) Receive Japanese yen/Pay U.S. dollars 4,685,672 — — — — — 4,685,672 (231,855) Receive pounds sterling/Pay U.S. dollars — — 11,486,665 — — — 11,486,665 (1,123,000) Receive UDI/Pay pesos — — 3,063,181 17,076,001 — 11,594,491 31,733,673 6,147,449 Receive Swiss francs/Pay U.S. dollars 7,086,220 — — — — — 7,086,220 620,453 Currency Options Buy Put, Sell Put and Sell Call on Japanese yen Ps. — Ps. — Ps. — Ps. 11,845,210 Ps. — Ps. — Ps. 11,845,210 Ps. (461,140) Buy Call, Sell Call and Sell Put on euros — 25,978,760 15,067,681 — — 25,978,760 67,025,201 (4,750,485) Sell Call on pounds sterling — — 10,556,234 — — — 10,556,234 (2,835) Sell Call on Swiss francs 7,664,921 — — — — — 7,664,921 (1,617) Sell Call on Euros 13,508,955 — 13,508,955 15,587,256 25,978,760 28,057,061 96,640,987 (375,031) FX Forwards Receive U.S. dollars / Pay pesos Ps. — Ps. — Ps. — Ps. — Ps. — Ps. — Ps. — Ps. — N.A. = not applicable. Numbers may not total due to rounding. (1) The information in this table has been calculated using exchange rates at December 31, 2022, of Ps. 19.4143 = U.S. $1.00 and Ps. 20.7083 = 1.00 euro. (2) PEMEX’s management uses these DFIs to hedge market risk; however, these DFIs do not qualify for accounting purposes as hedges and are recorded in the financial statements as entered into for trading purposes. (3) Positive numbers represent a favorable fair value to PEMEX. (4) PMI’s risk management policies and procedures establish that DFIs should be used only for hedging purposes; however, DFIs are not recorded as hedges for accounting purposes. Quantitative Disclosure of Cash Flow Maturities from Derivative Financial Instruments Held or Issued for Purposes Other than Trading as of December 31, 2021 (1)(2) Year of expected maturity date 2022 2023 2024 2025 2026 2027 Total Carrying Fair Value (3) Hedging Instruments Interest Rate DFI (2)(4) Interest Rate Swaps (U.S. dollars) Variable to fixed Ps. 4,754,104 Ps. 4,608,186 Ps. 3,422,007 Ps. 2,521,479 Ps. — Ps. — Ps. 15,305,776 Ps. (263,340) Average pay rate 2.43% 2.37% 2.35% 2.31% 0.00% 0.00% N.A. N.A. Average receive rate 0.86% 1.65% 2.12% 2.26% 0.00% 0.00% N.A. N.A. Interest Rate Options Buy Cap, Sell Floor on floating in U.S. dollar LIBOR 1M Ps. — Ps. — Ps. 51,458,750 Ps. — Ps. — Ps. — Ps. 51,458,750 Ps. (323,852) Currency DFI Cross-currency swaps Receive euros/Pay U.S. dollars Ps. 36,728,355 Ps. 48,031,582 Ps. 27,410,532 Ps. 40,585,768 Ps. 23,338,421 Ps. 87,687,261 Ps. 263,781,919 Ps. (4,217,800) Receive Japanese yen/Pay U.S. dollars — 4,967,860 — — — — 4,967,860 70,651 Receive pounds sterling/Pay U.S. dollars 10,327,298 — — 12,178,434 — — 22,505,732 (94,957) Receive UDI/Pay pesos — — — 3,063,181 17,076,001 10,374,031 30,513,213 6,159,382 Receive Swiss francs/Pay U.S. dollars — 7,512,978 — — — — 7,512,978 524,471 Currency Options Buy Put, Sell Put and Sell Call on Japanese yen Ps. — Ps. — Ps. — Ps. — Ps. 14,308,629 Ps. — Ps. 14,308,629 Ps. (206,526) Buy Call, Sell Call and Sell Put on euros — — 29,253,527 16,967,046 — 29,253,527 75,474,100 (1,398,532) Sell Call on pounds sterling — — — 12,534,024 — — 12,534,024 (27,896) Sell Call on Swiss francs — 8,229,792 — — — — 8,229,792 (12,202) Sell Call on Euros 14,041,693 15,211,834 — 15,211,834 17,552,116 60,847,337 122,864,814 (917,025) FX Forwards Receive U.S. dollars / Pay pesos Ps. 12,340,413 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 12,340,413 Ps. 3,575 N.A. = not applicable. Numbers may not total due to rounding. (1) The information in this table has been calculated using exchange rates at December 31, 2021, of Ps. 20.5835 = U.S. $1.00 and Ps. 23.4086 = 1.00 euro. (2) PEMEX’s management uses these DFIs to hedge market risk; however, these DFIs do not qualify for accounting purposes as hedges and are recorded in the financial statements as entered into for trading purposes. (3) Positive numbers represent a favorable fair value to PEMEX. (4) PMI’s risk management policies and procedures establish that DFIs should be used only for hedging purposes; however, DFIs are not recorded as hedges for accounting purposes. |
Summary of Financial Liabilities Interest And Principal Cash Flow Maturities | The following tables show the estimated amount of principal and interest cash flow maturities of PEMEX’s financial liabilities as of December 31, 2022 and 2021 (DFIs are not included): Financial Liabilities Interest and Principal Cash Flow Maturities as of December 31, 2022 (1) Year of expected maturity date Total Carrying 2023 2024 2025 2026 2027 2028 Total Financial Liabilities Suppliers Ps. 282,245,250 Ps. 282,245,250 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 282,245,250 Accounts and accrued expenses Payable 81,808,426 81,808,426 — — — — — 81,808,426 Leases 51,131,575 12,675,801 9,520,188 7,597,880 6,872,446 6,326,035 38,294,561 81,286,911 Debt 2,091,463,996 589,247,128 364,516,602 180,784,946 248,156,834 213,073,284 1,828,545,637 3,424,324,431 Total Ps. 2,506,649,247 Ps. 965,976,605 Ps. 374,036,790 Ps. 188,382,826 Ps. 255,029,280 Ps. 219,399,319 Ps. 1,866,840,198 Ps. 3,869,665,018 Note: Numbers may not total due to rounding. (1) The information in this table has been calculated using exchange rates at December 31, 2022, of Ps. 19.4143 = U.S. $1.00; Ps. 0.1470 = 1.00 Japanese yen; Ps. 23.3496 = 1.00 pound sterling; Ps. 7.646804 = 1.00 UDI; Ps. 20.7083 = 1.00 euro; and Ps. 20.9791 = 1.00 Swiss franc. Financial Liabilities Interest and Principal Cash Flow Maturities as of December 31, 2021 (1) Year of expected maturity date Total Carrying 2022 2023 2024 2025 2026 2027 Total Financial Liabilities Suppliers Ps. 264,056,358 Ps. 264,056,358 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 264,056,358 Accounts and accrued expenses Payable 32,015,808 32,015,808 — — — — — 32,015,808 Leases 59,351,648 12,605,808 9,419,274 8,532,225 7,607,774 6,623,833 48,274,654 93,063,568 Debt 2,249,695,894 476,595,081 345,041,866 278,703,016 188,640,855 254,935,624 2,114,074,975 3,657,991,417 Total Ps. 2,605,119,708 Ps. 785,273,055 Ps. 354,461,140 Ps. 287,235,241 Ps. 196,248,629 Ps. 261,559,457 Ps. 2,162,349,629 Ps. 4,047,127,151 Note: Numbers may not total due to rounding. (1) The information in this table has been calculated using exchange rates on December 31, 2021, of Ps. 20.5835 = U.S. $1.00; Ps. 0.1789 = 1.00 Japanese yen; Ps. 27.8834 = 1.00 Pound sterling; Ps. 7.108233 = 1.00 UDI; Ps. 23.4086 = 1.00 euro; and Ps. 22.5924 = 1.00 Swiss franc. |
Summary of Fair Values and Notional Amounts of DFIs that were designated as non-hedges | The following table shows the fair values and notional amounts of PEMEX’s DFIs, including those with an open position and those that have matured but that have not been settled, which were designated as non-hedges for accounting purposes and entered into for trading purposes as of December 31, 2022 and 2021. It should be noted that: • DFIs’ fair value includes CVA and is calculated based on market quotes obtained from market sources such as Bloomberg, Proveedor Integral de Precios, S.A. de C.V ., among others. • Fair value is calculated internally, either by discounting cash flows with the corresponding zero-coupon yield curve, in the original currency, or through other standard methodologies commonly used in the financial markets for certain specific instruments. December 31, 2022 December 31, 2021 DFI POSITION Notional Fair Notional Fair Interest rate swaps PEMEX pays fixed in U.S. dollar and receives floating in 3-month U.S. dollar LIBOR + spread. Ps. 4,246,878 Ps. 122,931 Ps. 7,075,578 Ps. (137,382) Interest rate swaps PEMEX pays fixed in U.S. dollar and receives floating in 6-month U.S. dollar LIBOR + spread. 5,678,683 286,469 8,027,565 (123,206) Cross-currency swaps PEMEX pays the 28-day TIIE + spread in pesos and receives fixed in UDI. 31,733,673 6,147,449 30,513,214 6,159,382 Cross-currency swaps PEMEX pays fixed in U.S. dollar and receives fixed in Japanese yen. 4,685,672 (231,856) 4,967,860 70,651 Cross-currency swaps PEMEX pays floating in 3-month U.S. dollar LIBOR + spread and receives floating in 3-month euro LIBOR + spread. 14,868,234 (1,361,333) 15,763,653 (471,040) Cross-currency swaps PEMEX pays fixed in U.S. dollar and receives fixed in euro. 197,454,768 (10,384,481) 248,018,268 (3,746,760) Cross-currency swaps PEMEX pays floating in 6-month U.S. dollar LIBOR + spread and receives fixed in Pound sterling. — — 10,327,298 (14,455) Cross-currency swaps PEMEX pays fixed in U.S. dollar and receives fixed in Pound sterling. 11,486,665 (1,123,000) 12,178,434 (80,503) Cross-currency swaps PEMEX pays fixed in U.S. dollar and receives fixed in CHF. 7,086,220 620,453 7,512,978 524,471 Interest Rate Options PEMEX Buy Cap, Sell Floor on floating in U.S. dollar LIBOR 1M. 48,535,750 2,263,382 51,458,750 (323,852) Currency Options PEMEX Buy Put, Sell Put and Sell Call on Japanese yen 11,845,210 (461,140) 14,308,629 (206,526) Currency Options PEMEX Buy call, Sell Call and Sell Put on euro 67,025,201 (4,750,485) 75,474,101 (1,398,532) Currency Options PEMEX Sell Call on Pound sterling 10,556,234 (2,835) 12,534,024 (27,896) Currency Options PEMEX Sell Call on CHF 7,664,921 (1,617) 8,229,792 (12,202) Currency Options PEMEX Sell Call on euro 96,640,988 (375,031) 122,864,815 (917,025) Currency Forward PEMEX pays Pesos and receives U.S. dollar. — — 12,340,413 3,575 Interest rate swaps PEMEX pays fixed in U.S. dollar and receives floating in U.S. dollar LIBOR 1M. 26,746 59 202,632 (2,752) Subtotal Ps. (9,251,035) Ps. (704,052) December 31, 2022 December 31, 2021 DFI Position Volume Fair Value Volume Fair Value Crude oil Options PEMEX buys Put and sells Put 34.90 Ps. (207,494) 54.10 Ps. (458,068) Crack Spread Swaps PEMEX pays fixed in U.S.$ and receives floating in U.S.$ Crack Spread Diesel 0.59 (27,959) — — Subtotal Ps. (235,453) Ps. (458,068) Total Ps. (9,486,488) Ps. (1,162,120) December 31, 2022 December 31, 2021 DFI Market Volume Fair value Volume Fair value Futures Exchange traded (1.48) Ps. (263,060) (0.61) Ps. (4,677) Petroleum Products Swaps Exchange traded (2.27) 146,828 (2.31) (28,389) Notes: Amounts may not total due to rounding. |
Summary of Location on the Consolidated Statement of Financial Position and the Fair Value of DFIs | The following table presents the fair value of PEMEX’s DFIs that are included in the consolidated statement of financial position in Derivative financial instruments (including both DFIs that have not reached maturity and those that have reached maturity but have not been settled), as of December 31, 2022 and 2021: Derivatives assets December 31, December 31, Derivatives not designated as hedging instruments Forwards Ps. — Ps. 22,896 Currency options — 164,218 Interest rate options 2,263,382 — Cross-currency swaps 10,082,786 12,286,853 Interest rate swaps 409,400 — Total derivatives not designated as hedging instruments Ps. 12,755,568 Ps. 12,473,967 Total assets Ps. 12,755,568 Ps. 12,473,967 Derivatives liabilities December 31, December 31, Derivatives not designated as hedging instruments Forwards Ps. — Ps. (19,321) Crude oil options (207,494) (458,068) Currency options (5,211,625) (1,769,276) Interest rate options — (323,852) Crack spread swaps (27,959) — Cross-currency swaps (16,795,037) (10,802,229) Interest rate swaps 59 (263,340) Total derivatives not designated as hedging instruments Ps. (22,242,056) Ps. (13,636,086) Total liabilities Ps. (22,242,056) Ps. (13,636,086) Net total Ps. (9,486,488) Ps. (1,162,119) |
Summary of Net Gain (Loss) Recognized in Income on Derivative Financial Instruments | The following tables presents the net gain (loss) recognized in income on PEMEX’s DFIs for the years ended December 31, 2022, 2021 and 2020, in the consolidated statement of comprehensive income which is presented in the “Derivative financial instruments (cost) income, net” line item: Derivatives not designated as hedging instruments Amount of gain (loss) recognized in the Statement of operations on December 31, 2022 December 31, 2021 December 31, 2020 Forwards Ps. (57,874) Ps. 255,045 Ps. — Futures (1,871,162) (1,478,143) (1,612,650) Crude oil options (3,038,638) (2,373,131) 4,996,014 Currency options (3,592,393) (4,791,503) 2,698,748 Interest rate options 2,664,631 522,241 (1,802,514) Crack spread swaps (27,883) — — Cross-currency swaps (17,511,767) (17,344,621) 13,770,849 Crude oil futures swaps — (146,350) (176,341) Interest rate swaps 572,135 132,219 (777,965) Total Ps. (22,862,951) Ps. (25,224,243) Ps. 17,096,141 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of defined benefit plans [abstract] | |
Summary of Amounts Associated with PEMEX's Labor Obligations | The following table show the amounts associated with PEMEX’s labor obligations: December 31, 2022 2021 Liability for defined benefits at retirement and post-employment at the end of the year Ps. 1,295,765,636 Ps. 1,371,307,692 Liability for other long-term benefits 11,121,039 12,763,956 Total liability for defined benefits recognized in the consolidated statement of financial position at the end of the year Ps. 1,306,886,675 Ps. 1,384,071,648 |
Summary of Amounts Recognized for Long-term Obligations | The following tables contain detailed information regarding PEMEX’s retirement and post-employment benefits: December 31, Changes in the liability for defined benefits 2022 2021 Liability for defined benefits at the beginning of the year Ps. 1,371,307,692 Ps. 1,516,671,029 Current Service cost (1) 18,446,170 41,135,899 Past service cost 524 34,573 Net interest 112,552,382 104,524,369 Liquidation event loss 1,971 49,032 Defined benefits paid by the fund (6,673,574) (6,608,749) Actuarial losses (gains) in other comprehensive results due to: Change in financial assumptions (2) (150,264,079) (266,985,561) Change in demographic assumptions (2) 2,403,864 44,085,779 For experience during the year (2) 16,188,726 2,581,184 Assets of the plan during the year (2) 277,256 (52,166) Contributions paid to the fund (68,475,296) (64,127,697) Defined benefit liabilities at end of year Ps. 1,295,765,636 Ps. 1,371,307,692 (1) The variation between 2022 and 2021 is mainly due to the result of the contractual review carried out in 2021, in which the retirement requirements were modified for the syndicated personnel. (2) The amount of actuarial losses corresponding to retirement and post-employment benefits recognized in other comprehensive income net of deferred income tax for Ps. (123,385,417) generated in the period from January to December 2022 correspond mainly to the increase in the discount rate from 8.46% in 2021 to 9.39% in 2022. Other influencing factors were the changes in obligations for movements in the population, age, seniority, salary, pensions and benefits. December 31, Changes in pension plan assets 2022 2021 Plan assets at the beginning of year Ps. 2,289,697 Ps. 2,438,724 Return on plan assets 253,721 294,713 Payments by the pension fund (68,534,502) (64,623,601) Company contributions to the fund 68,410,838 64,127,697 Actuarial (gains) losses in plan assets (121,876) 52,164 Adjustment to the Defined Contribution Plan (1) (64,388) — Pension plan assets at the end of year Ps. 2,233,490 Ps. 2,289,697 (1) The concepts come from the valuation of PMI´s liabilities. The amounts recognized for other long-term obligations are as follows: December 31, Change in the liability for defined benefits 2022 2021 Liabilities for defined benefits at the beginning of year Ps. 12,763,956 Ps. 18,497,057 Charge to income for the year 2,010,051 2,354,238 Actuarial losses (gains) recognized in income due to: Change in financial assumptions (1,899,096) (4,121,075) Change in demographic assumptions (166,459) (2,027,902) For experience during the year (1,585,760) (1,937,645) Benefits paid (1,653) (717) Liabilities for defined benefits at the end of year Ps. 11,121,039 Ps. 12,763,956 |
Summary of Amounts and Types of Plan Assets | As of December 31, 2022 and 2021, the amounts and types of plan assets are as follows: December 31, Plan Assets 2022 2021 Cash and cash equivalents Ps. 168,367 Ps. 32,199 Debt instruments 2,065,123 2,257,498 Total plan assets Ps. 2,233,490 Ps. 2,289,697 December 31, Changes in Defined Benefit Obligations (DBO) 2022 2021 Defined benefit obligations at the beginning of the year Ps. 1,373,548,493 Ps. 1,519,084,202 Service costs 17,582,708 21,151,945 Financing costs 112,801,977 104,844,611 Past service costs 524 34,573 Payments by the fund (75,208,077) (71,232,349) Amount of actuarial (losses) gains recognized in other comprehensive results due to: Change in financial assumptions (1) (150,264,079) (266,985,561) Change in demographic assumptions (2) 2,403,864 44,085,779 For experience during the year (3) 16,188,726 2,581,184 Reductions 1,971 — Modifications to the pension plan (4) 864,011 19,984,109 Defined benefit obligations at the end of year Ps. 1,297,920,118 Ps. 1,373,548,493 (1) The variations in financial assumptions are due to the increase in the discount rate from 8.46% in 2021 to 9.39% in 2022. (2) The main factor influencing in variation between 2022 and 2021 is due to the observed changes in mortality. (3) The changes in assumptions from experience depend on factors that do not necessarily have the same behavior from year to year and given by the movements in the population different to those expected, the factors that influenced the result of year 2022 were increase in salaries, departures and inflows of personnel, among others. (4) The variation between 2022 and 2021 is mainly due to the result of the contractual review carried out in 2021, in which the retirement requirements were modified for the syndicated personnel. |
Summary of Additional Fair value Disclosure About Plan Assets and Indicate Their Rank | The following tables present additional fair value disclosure about plan assets and indicate their rank, in accordance with IFRS 13, as of December 31, 2022 and 2021: Fair value measurements as of December 31, 2022 Plan assets Quoted prices in active markets for identical assets (level 1) Significant Significant Total Cash and cash equivalents Ps. 168,367 Ps. — Ps. — Ps. 168,367 Debt instruments 2,065,123 — — 2,065,123 Total Ps. 2,233,490 Ps. — Ps. — Ps. 2,233,490 Fair value measurements as of December 31, 2021 Plan assets Quoted prices in active markets for identical assets (level 1) Significant Significant Total Cash and cash equivalents Ps. 32,199 Ps. — Ps. — Ps. 32,199 Debt instruments 2,257,498 — — 2,257,498 Total Ps. 2,289,697 Ps. — Ps. — Ps. 2,289,697 |
Summary of Principal Actuarial Assumptions Used in Determining the Defined Benefit Obligation | As of December 31, 2022 and 2021, the principal actuarial assumptions used in determining the defined benefit obligation for the plans are as follows: December 31, 2022 2021 Rate of increase in salaries 4.47 % 4.47 % Rate of increase in pensions 4.00 % 4.00 % Rate of increase in post-mortem pensions 0.00 % 0.00 % Rate of increase in medical services 7.65 % 7.65 % Inflation assumption 4.00 % 4.00 % Rate of increase in basic basket for active personnel 5.00 % 5.00 % Rate of increase in basic basket for retired personnel 4.00 % 4.00 % Rate of increase in gas and gasoline 4.00 % 4.00 % Discount and return on plan assets rate (1) 9.39 % 8.46 % Average length of obligation (years) 13.45 14.38 (1) In accordance with IAS 19, the discount rate was determined using as a reference the interest rates observed in Mexican Government bonds, based on the Fixed Rate bonds of the Federal Government (“Bonos M”) and the “Cetes”, as well as the flow of expected payments to cover the contingent obligations. As a consequence of the change in the yields of the financial instruments mentioned above at the end of the year, the discount rate increased compared to the end of 2021. The principal actuarial assumptions used in determining the defined benefit obligation for the plans are as follows: December 31, 2022 2021 Rate of increase in salaries 4.47 % 4.47 % Inflation assumption 4.00 % 4.00 % Rate of increase in basic basket for active personnel 5.00 % 5.00 % Rate of increase in basic basket for retired personnel 4.00 % 4.00 % Rate of increase in gas and gasoline 4.00 % 4.00 % Discount and return on plan assets rate (1) 9.39 % 8.46 % Average length of obligation (years) 13.45 14.38 (1) In accordance with IAS 19, the discount rate was determined using as a reference the interest rates observed in Mexican Government bonds denominated in pesos (Cetes and M bonds), as well as the flow of payments expected to cover contingent obligations. As a result of the profits in financial instruments at the end of 2022, the discount rate increased as compared 2021 |
Provisions for Sundry Credito_2
Provisions for Sundry Creditors (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of other provisions [abstract] | |
Summary of Provisions for Sundry Creditors and Others | At December 31, 2022, 2021 and 2020, the provisions for sundry creditors and others is as follows: 2022 2021 2020 Provision for plugging of wells (Note 13) Ps. 66,699,388 70,144,756 77,125,513 Provision for trails in process (Note 27) 10,533,137 11,114,006 8,321,816 Provision for environmental costs 11,914,160 11,138,904 9,178,555 Ps. 89,146,685 92,397,666 94,625,884 |
Summary of Allowance Account for Plugging of Wells, Trials in Progress and Environmental Costs | The following tables show the allowance account for plugging of wells, trials in progress and environmental costs: Plugging of wells 2022 2021 2020 Balance at the beginning of the year Ps. 70,144,756 77,125,513 80,849,900 (Decrease) Increase capitalized in fixed assets (3,573,843) (13,834,388) (12,816,336) Unwinding of discount against income 4,647,200 4,454,106 4,555,692 Unrealized foreign exchange loss (gains) (3,984,400) 2,454,810 4,766,921 Amount used (534,325) (55,285) (230,664) Balance at the end of the year Ps. 66,699,388 70,144,756 77,125,513 Trials in progress 2022 2021 2020 Balance at the beginning of the year Ps. 11,114,006 8,321,816 8,075,031 Additions against expenses 3,137,470 4,818,298 972,692 Provision cancellation (3,704,499) (2,025,221) (724,026) Amount used (13,840) (887) (1,881) Balance at the end of the year Ps. 10,533,137 11,114,006 8,321,816 Environmental costs 2022 2021 2020 Balance at the beginning of the year Ps. 11,138,904 9,178,555 9,086,977 Additions against expenses 1,711,108 2,424,037 1,669,063 Cancellation against expenses (856,047) (407,671) (1,574,810) Amount used (79,805) (56,017) (2,675) Balance at the end of the year Ps. 11,914,160 11,138,904 9,178,555 |
Summary of provisions for plugging of wells | Moreover, the time of plugging depends on when the fields cease to have economically viable production rates, which, in turn, depends on the inherently uncertain future prices of oil and gas. Well plugging of works will be carried out as follows: Year Amount 2023 Ps. 76,691 2024 1,064,330 2025 955,654 2026 4,350,081 2027 5,640,335 More than five years 54,612,297 Total Ps. 66,699,388 |
Income Taxes and Duties (Tables
Income Taxes and Duties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of income taxes [abstract] | |
Summary of Income Taxes and Duties Payable | As of December 31, 2022 and 2021, income taxes and duties payable are as follow: 2022 2021 Income taxes and duties: Profit-sharing Duty Ps. 29,134,959 63,233,153 Income tax 4,268,496 3,743,571 Total income taxes and duties 33,403,455 66,976,724 Other taxes and duties: Special Tax on Production and Services 23,217,262 17,813,672 Hydrocarbons Extraction Duty 6,895,491 17,723,515 Exploration Hydrocarbons Duty 136,588 126,932 Exploration and Extraction Hydrocarbons Duty 413,371 375,903 Withheld taxes 5,800,188 9,165,475 Import taxes and duties 13,028 13,028 Other contributions payable 933,972 558,342 Total other taxes and duties 37,409,900 45,776,867 Total other income taxes and duties Ps. 70,813,355 112,753,591 |
Summary of Total DUC and Others | Total DUC and other as of December 31, 2022, 2021 and 2020 are integrated as follows: 2022 2021 2020 DUC Ps. 398,123,710 374,433,879 218,912,687 Fiscal credit (1) — (73,280,000) (65,000,000) Deferred DUC expense (6,703,627) 5,673,403 696,449 Total DUC Ps. 391,420,083 306,827,282 154,609,136 (1) There was not credit tax granted for 2022. |
Summary of Principal Factors Generating the Deferred DUC | The principal factors generating the deferred DUC are the following: 2022 2021 Deferred DUC asset: Tax credits Ps. 454,631,317 571,306,914 Deferred Profit-sharing duty liability: Wells, pipelines, properties, plant and equipment (171,170,789) (241,237,295) Deferred DUC asset net 283,460,528 330,069,619 Unrecognized Deferred DUC (274,008,700) (327,321,418) Net, deferred DUC asset Ps. 9,451,828 2,748,201 |
Summary of Expected Benefit for DUC | 2022 2021 2020 Expected expense (benefit): Ps. 236,421,472 147,520,595 (20,837,768) Increase (decrease) resulting from: Expected benefit contract (4,987,552) (5,333,064) (496,643) Non-cumulative profit (1) (778,566,830) (1,252,957,737) (2,291,937,519) Non-deductible expenses (1) 547,132,910 1,110,770,206 2,313,271,930 Production value 526,040,742 507,997,938 321,353,133 Deductible duties (51,920,424) (44,270,598) (21,850,672) DUC tax credit (2) — (73,280,000) (65,000,000) Deferred DUC (benefit) expense (6,703,627) 5,673,403 696,449 Deductions cap (75,996,608) (89,293,461) (80,589,774) DUC-Profit-sharing duty expense Ps. 391,420,083 306,827,282 154,609,136 (1) Fluctuations changes are included which have no effect on the determination of the DUC. |
Summary of Income Tax Expense (Benefit) | For the years ended December 31, 2022, 2021 and 2020, Petróleos Mexicanos and its Subsidiary Companies incurred the following income tax expense (benefit): 2022 2021 2020 Current income tax Ps. 5,939,990 Ps. 3,573,731 Ps. 5,370,822 Deferred income tax (77,179,234) (3,052,891) 25,592,117 Total (benefit) expense income tax, net Ps. (71,239,244) Ps. 520,840 Ps. 30,962,939 |
Summary of Principal Factors Generating Deferred Income Tax | The principal factors generating the deferred income tax are the following: 2021 Recognized in Recognized in 2022 Deferred income tax asset: Provisions Ps. 11,032,260 888,794 — 11,921,054 Employee benefits provision 61,711,054 3,579,336 (8,075,854) 57,214,536 Advance payments from clients 176,967 43,248 — 220,215 Accrued liabilities 2,676,964 5,094,352 — 7,771,316 Non-recoverable accounts receivable 24,890 102,953 — 127,843 Derivative financial instruments 10,746 24,124 — 34,870 Wells, pipelines, properties and equipment 5,452,609 3,009,946 — 8,462,555 Tax loss carry-forwards (1) 8,468,185 67,960,156 — 76,428,341 Total deferred income tax asset 89,553,675 80,702,909 (8,075,854) 162,180,730 Deferred income tax liability: Wells, pipelines, properties, plant and equipment (1,191,034) (3,879,311) — (5,070,345) Other (2,150,316) 355,636 — (1,794,680) Total deferred income tax liability (3,341,350) (3,523,675) — (6,865,025) Net long-term deferred income tax asset Ps. 86,212,325 77,179,234 (8,075,854) 155,315,705 2020 Recognized in Recognized in 2021 Deferred income tax asset: Provisions Ps. 8,919,555 2,112,705 — 11,032,260 Employee benefits provision 71,640,981 3,652,157 (13,582,084) 61,711,054 Advance payments from clients 188,283 (11,316) — 176,967 Accrued liabilities 1,681,362 995,602 — 2,676,964 Non-recoverable accounts receivable 102,435 (77,545) — 24,890 Derivative financial instruments 41,735 (30,989) — 10,746 Wells, pipelines, properties and equipment 5,151,623 300,986 — 5,452,609 Tax loss carry-forwards (1) 12,427,658 (3,959,473) — 8,468,185 Total deferred income tax asset 100,153,632 2,982,127 (13,582,084) 89,553,675 Deferred income tax liability: Wells, pipelines, properties, plant and equipment (1,101,832) (89,202) — (1,191,034) Other (2,310,282) 159,966 — (2,150,316) Total deferred income tax liability (3,412,114) 70,764 — (3,341,350) Net long-term deferred income tax asset Ps. 96,741,518 3,052,891 (13,582,084) 86,212,325 (1) Tax loss carryforwards expire in 2031. |
Summary of Expense (Benefit) Attributable to Profit (Loss) from Continuing Operations before Income Taxes | Expense attributable to the profit (loss) from continuing operations before income taxes was different from that which would result from applying the 30% rate to profit, as a result of the items listed below: For the years ended December 31, 2022 2021 2020 Expected income tax expense Ps. 163,937,963 Ps. 69,725,125 Ps. 28,835,256 Increase (decrease) resulting from: Tax effect of inflation-net (23,533,416) 30,058,116 5,694,637 Fiscal updating of pipelines, properties and equipment — — (161,883) Deductible Duty (119,437,113) (90,346,164) — Unrecognized deferred tax change (99,334,219) (20,941,629) — Expected expenses from contracts — 1,311,975 — Retirement benefits 7,930,425 1,101,292 (8,206,693) Non-deductible expenses 16,019,493 3,113,625 2,405,635 Others-net (1) (16,822,377) 6,498,500 2,395,987 Income tax (benefit) expense, net Ps. (71,239,244) Ps. 520,840 Ps. 30,962,939 (1) Includes mainly impairment effect for 2022. |
Equity (Deficit) (Tables)
Equity (Deficit) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Equity [abstract] | |
Summary of Certificate of Contribution "A" | PEMEX’s Certificates of Contribution “A” are as follows: Amount Certificates of Contribution “A” as of December 31, 2020 Ps. 524,931,447 Increase in Certificates of Contribution “A” during 2021 316,354,129 Certificates of Contribution “A” as of December 31, 2021 Ps. 841,285,576 Increase in Certificates of Contribution “A” during 2022 188,306,717 Certificates of Contribution “A” as of December 31, 2022 Ps. 1,029,592,293 |
Summary of Government Contributions to Petróleos Mexicanos through the Ministry of Energy | Mexican Government contributions made in the form of Certificates of Contribution “A” during 2022 totaled Ps. 188,306,717 and were designated for the construction of the Dos Bocas Refinery, for the strengthening of financial position and the rehabilitation plan of the National Refining System, as follows: Date Construction of the Dos Bocas Refinery Strengthening of financial position Rehabilitation Plan of the refineries January 21 — 19,321,641 — January 21 7,500,000 — — February 14 7,500,000 — — March 8 — 26,115,898 — March 8 7,500,000 — — April 28 762,100 — — May 26 21,737,900 — — July 29 — — 969,342 August 19 4,000,000 — — August 30 2,000,000 — — September 6 — — 683,125 September 8 2,500,000 — — September 14 2,500,000 — — September 22 2,500,000 — — September 28 2,400,000 — — October 4 — — 1,618,523 October 6 2,500,000 — — October 13 2,500,000 — — October 20 2,500,000 — — October 28 2,500,000 — — November 4 2,500,000 — — November 7 — — 1,805,296 November 10 2,500,000 — — November 17 2,500,000 — — November 25 — — 892,893 November 25 2,500,000 — — December 1 4,000,000 — — December 2 800,000 — — December 5 — — 1,200,000 December 8 4,000,000 — — December 15 4,000,000 — — December 15 — — 1,000,000 December 18 15,118,286 — 4,881,713 December 29 21,000,000 — — Total 129,818,286 45,437,539 Ps. 13,050,892 |
Cost and Expenses by Nature (Ta
Cost and Expenses by Nature (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of cost and expenses by nature [abstract] | |
Summary of Costs and Expenses by Nature | Cost and expenses by nature for each of the years ended December 31, 2022, 2021 and 2020, was as follows: 2022 2021 2020 Purchases Ps. 1,126,780,036 Ps. 518,434,795 Ps. 386,040,047 Depreciation of wells, pipelines, properties, plant and equipment, depreciation of rights of use and amortization of intangible assets 146,251,935 140,155,507 137,398,830 Exploration and Extraction Hydrocarbons Duty and taxes 136,840,962 88,596,015 43,593,642 Net periodic cost of employee benefits 129,333,812 140,215,404 128,808,540 Personnel services 107,990,777 100,401,001 103,044,657 Conservation and maintenance 78,323,591 65,239,995 69,939,632 Auxiliary services with third-parties 28,799,131 9,656,254 15,901,982 Unsuccessful wells 26,582,595 26,952,138 22,269,583 Raw materials and spare parts 26,516,438 23,504,046 18,381,313 Losses from fuels subtraction (1) 19,891,204 6,791,377 4,279,542 Other operation costs and expenses 17,671,352 79,812,903 20,573,244 Other operation taxes and duties 14,717,890 12,933,825 12,180,579 General expenses with third-parties 12,454,485 6,867,868 4,198,747 Exploration expenses 8,126,787 6,458,310 6,732,689 Freight 8,522,913 5,195,157 3,426,079 Insurance 7,384,099 6,997,343 6,068,497 Fees 6,476,622 548,928 259,186 Integrated Contracts 4,556,801 4,904,774 5,275,946 Inventory variations (2) (38,474,306) (11,544,077) 2,572,641 Total cost of sales and general expenses Ps. 1,868,747,124 Ps. 1,232,121,563 Ps. 990,945,376 (1) In accordance with Resolution RES / 179/2017, issued by the CRE, losses from fuels subtraction are losses outside the scope of the contemplated operating costs as a result of various illicit actions, including the theft of and illicit market in fuels. Pemex Logistics is responsible for distributing hydrocarbons through the pipelines and for the received products, preserving their quality and delivering them from the point of reception to the user at the point of destination. Pemex Logistics determines the volume of missing hydrocarbons through monthly calculations. (2) The variation in inventories represents the difference between the balances as of the beginning and the end of the year, as well as variations in standard and real costs. During 2022, the variation was mainly due to the increase in crude oil prices. |
Other Revenues and Other Expe_2
Other Revenues and Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Revenue and Expense Net [abstract] | |
Summary of Other Revenues and Expenses | Other revenues and expenses-net for each of the years ended December 31, 2022, 2021 and 2020, was as follows: A. Other revenues 2022 2021 2020 Translation effect from the consolidated equity method (1) Ps. 10,383,296 Ps. — Ps. — Tax updates (2) 8,061,861 915,277 6,966 Other income (3) 7,815,529 3,028,394 909,894 Other income for services 2,797,260 4,126,750 2,420,939 Bidding terms, sanctions, penalties and other 2,353,815 1,429,152 1,170,632 Revenues from reinsurance premiums 1,772,399 110,994 2,534,466 Account debugging 1,558,361 523,365 485,562 Insurance and deposits 1,510,943 1,459,760 2,149,214 Gains on bargain purchase of business acquisition 1,271,188 — — Claims recovery 881,462 1,147,424 1,515,295 Funds from FONADIN (4) 732,194 1,674,225 — Recognition of partial income (5) 410,000 2,756,680 — Franchise fees 348,906 376,179 494,785 Gain on sale of fixed assets 43,859 52,266 50,215 Participation rights (6) — — 30,878 Total other revenues Ps. 39,941,073 Ps. 17,600,466 Ps. 11,768,846 (1) As of December 31, 2022 PEMEX recognized Ps.10,383,296 of currency translation effects from the investment in DPRLP into other income, as a result of derecognizing the equity method (see Note 12-B). (2) As of December 31, 2022 PEMEX recognized tax updates "VAT", recovery from IEPS tax variable fee and cancellation of obligations due to losses by legal resolution. (3) As of December 31, 2022 includes mainly cancellation of trials in process provision. (4) On June 11, 2021, PEMEX was authorized by the FONADIN for a non-recoverable contribution to continue with the “Exploitation of wastewater” development project at the Miguel Hidalgo refinery, for the payment of executed work and for the associated expenses including pending estimated payments, expenses and investments related to the executed work in the amount of Ps. 4,399,765. The total non-recoverable contribution from the FONADIN was Ps. 6,073,990, of which Ps. 1,674,225 was recognized in 2021 as other income. Pemex recognized the non-recoverable contribution as deferred income, and it will be recognized over the useful life of the asset from the non-recoverable contribution; this useful life is estimated at 20 years. There are no conditions or contingencies linked to the non-recoverable contribution from FONADIN since the expenditure and capitalization has already been accrued. (5) Recognition of partial income and aimed deferred remediation agreement in favor to Petróleos Mexicanos that will be settled in November 2023. (6) Relates to operators right into EECs, to guarantee their participation interest in such contracts. 2022 2021 2020 Loss from derecognition of disposal of assets (1) Ps. (19,116,521) Ps. (45,185,031) Ps. (351,010) Other expenses (3,304,653) (3,058,504) (436,723) Claims (3,140,284) (2,670,560) (376,697) Fines (24,095) (55,001) — Transportation and distribution of natural gas — — (30,284) Total other expenses Ps. (25,585,553) Ps. (50,969,096) Ps. (1,194,714) (1) For 2022 and 2021, includes mainly fixed assets from Pemex Exploration and Production without future development plans. |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Summary of Products Acquisition from Pemex Industrial Transformation | During 2022, CFE acquired the following products from Pemex Industrial Transformation: Product 2022 Heavy fuel oil Ps. 17,204,708 Industrial diesel 13,679,071 Other 966,841 Fuel oil 584,976 Natural Gas 349,735 Freights 315 Total Ps. 32,785,646 |
Summary of Retirement and Former Employee Benefits Granted | Retirement post-employment and long-term employee benefits are granted as follows: As of December 31, 2022 2021 2020 Retirement Ps. 4,917 4,888 7,233 Post-employment 166 200 354 Long-term 1,681 2,468 3,702 Ps. 6,764 7,556 11,289 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and contingencies [abstract] | |
Estimated Future Payments Under Contract | Estimated future payments under this contract for upcoming fiscal years are as follows: Year Payment 2023 U.S.$ 263,930 2024 274,880 2025 276,192 2026 277,043 2027 135,551 Total U.S.$ 1,227,596 |
Estimated Value of Contracts | As of December 31, 2022 and 2021, the estimated value of these commitments was as follows: Maturity 2022 2021 Up to 1 year Ps. 634,432 Ps. 488,438 1 to 3 years 90,426 294,662 Total Ps. 724,858 Ps. 783,100 |
Summary of Future Payments for Lease | D. As of December 31, 2022 and 2021, the estimated value of the commitments that PEMEX has entered into with several contractors for the development of various infrastructure and services works was as follows: Maturity 2022 2021 Up to 1 year Ps. 61,463,967 Ps. 181,088,750 1 to 3 years 69,662,017 177,187,792 4 to 5 years 22,166,730 124,716,836 More than 5 years 3,132,471 22,643,024 Total Ps. 156,425,186 Ps. 505,636,402 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Summary of Government Contributions to Petróleos Mexicanos through the Ministry of Energy | During the period from January 1 to April 24, 2023, the Mexican Government made certain contributions to Petróleos Mexicanos through the Ministry of Energy. These amounts are reflected in the table below: Date Construction of the Dos Bocas Refinery Strengthening of financial position Strengthening of Fertilizers chain January 19 Ps. — — 600,000 January 30 — — 600,000 February 23 — 6,000,000 — March 16 10,500,000 — — Total Ps. 10,500,000 6,000,000 1,200,000 |
Subsidiary Guarantor Informat_2
Subsidiary Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Information [abstract] | |
Summary of Principal Amount Outstanding of Registered Debt Securities | The following table sets forth, as of December 31, 2022, the principal amount outstanding of the registered debt securities originally issued by the Master Trust. As noted above, Petróleos Mexicanos has assumed, as primary obligor, all of the obligations of the Master Trust under these debt securities. The obligations of Petróleos Mexicanos are guaranteed by the Subsidiary Guarantors: Table 1: Registered Debt Securities originally issued by the Master Trust and Assumed by Petróleos Mexicanos Security Primary Guarantors Principal amount 6.625% Guaranteed Bonds due 2035 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics U.S.$ 1,750,000 6.625% Guaranteed Bonds due 2038 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 491,175 8.625% Guaranteed Bonds due 2023 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 63,705 9.500% Guaranteed Bonds due 2027 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 168,625 The following table sets forth, as of December 31, 2022, the principal amount outstanding of the registered debt securities issued by Petróleos Mexicanos, and guaranteed by Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics. Table 2: Registered Debt Securities originally issued by Petróleos Mexicanos Security Guarantors Principal amount 9.500% Global Guaranteed Bonds due 2027 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 96,718 3.500% Notes due 2023 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,143,938 4.875% Notes due 2024 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 844,175 6.625% Notes due 2035 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 999,000 6.500% Bonds due 2041 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,560,521 5.500% Bonds due 2044 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 640,357 6.375% Bonds due 2045 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,199,747 5.625% Bonds due 2046 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 626,143 4.500% Notes due 2026 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,124,403 4.250% Notes due 2025 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 635,449 6.875% Notes due 2026 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 2,502,771 4.625% Notes due 2023 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 895,444 6.750% Bonds due 2047 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 5,548,156 5.350% Notes due 2028 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,976,720 6.350% Bonds due 2048 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,574,041 6.500% Notes due 2027 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 4,006,043 Security Guarantors Principal amount 5.950% Notes due 2031 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 3,777,381 6.490% Notes due 2027 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,538,374 6.840% Notes due 2030 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 2,345,538 6.950% Bonds due 2060 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 3,796,812 7.690% Bonds due 2050 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 8,047,831 6.500% Notes due 2029 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,204,708 6.875% Notes due 2025 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 901,836 8.750% Notes due 2029 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 1,908,685 6.700% Notes due 2032 Petróleos Mexicanos Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics 6,779,842 |
Supplemental Statement of Financial Position | SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION STATEMENT OF FINANCIAL POSITION As of December 31, 2022 Petróleos Subsidiary Non-guarantor Eliminations PEMEX Assets Current assets Cash and cash equivalents Ps. 14,809,052 Ps. 11,293,133 Ps. 38,312,326 Ps. — Ps. 64,414,511 Trade and other accounts receivable, derivative financial instruments and other current assets 61,562,752 197,610,993 78,288,125 — 337,461,870 Accounts receivable—inter-company 1,466,391,747 1,158,552,905 178,769,205 (2,803,713,857) — Inventories 1,695,679 79,127,255 45,195,463 — 126,018,397 Total current assets 1,544,459,230 1,446,584,286 340,565,119 (2,803,713,857) 527,894,778 Long-term receivables—intercompany 1,511,328,178 — 1,361,639 (1,512,689,817) — Investments in joint ventures and associates (1,203,291,062) 269,011,476 231,429,045 704,894,507 2,043,966 Wells, pipelines, properties, plant and equipment-net 6,832,860 1,089,869,156 272,048,834 — 1,368,750,850 Long-term notes receivables — 1,334,126 — — 1,334,126 Right of use 1,631,407 44,352,154 3,537,286 — 49,520,847 Deferred taxes 51,156,380 113,857,491 6,618,687 — 171,632,558 Intangible assets 149,947 28,673,801 1,201,186 — 30,024,934 Mexican Government Bonds 63,653,260 — — — 63,653,260 Other assets — 2,320,594 28,382,131 — 30,702,725 Total assets Ps. 1,975,920,200 Ps. 2,996,003,084 Ps. 885,143,927 Ps. (3,611,509,167) Ps. 2,245,558,044 Liabilities Current liabilities Current portion of long-term debt Ps. 398,101,726 Ps. 20,438,040 Ps. 47,407,917 Ps. — Ps. 465,947,683 Accounts payable—inter-company 1,423,626,118 1,293,390,155 86,538,902 (2,803,555,175) — Other current liabilities 31,085,188 346,977,135 85,727,252 — 463,789,575 Total current liabilities 1,852,813,032 1,660,805,330 219,674,071 (2,803,555,175) 929,737,258 Long-term debt 1,573,359,790 22,496,110 29,660,413 — 1,625,516,313 Long-term payables—inter-company — 1,511,403,321 1,445,177 (1,512,848,498) — Employee benefits, provisions for sundry creditors, other liabilities and deferred taxes 318,280,995 1,124,420,120 16,425,583 — 1,459,126,698 Total liabilities 3,744,453,817 4,319,124,881 267,205,244 (4,316,403,673) 4,014,380,269 Equity (deficit), net (1,768,533,617) (1,323,121,797) 617,938,683 704,894,506 (1,768,822,225) Total liabilities and equity Ps. 1,975,920,200 Ps. 2,996,003,084 Ps. 885,143,927 Ps. (3,611,509,167) Ps. 2,245,558,044 SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION STATEMENT OF FINANCIAL POSITION As of December 31, 2021 Petróleos Subsidiary Non-guarantor Eliminations PEMEX Assets Current assets Cash and cash equivalents Ps. 34,690,405 Ps. 6,157,869 Ps. 35,658,173 Ps. — Ps. 76,506,447 Trade and other accounts receivable, derivative financial instruments and other current assets 14,502,133 191,315,372 89,956,950 — 295,774,455 Accounts receivable—inter-company 1,915,076,979 1,080,615,236 158,628,242 (3,154,320,457) — Inventories 930,656 54,797,831 30,384,655 — 86,113,142 Total current assets 1,965,200,173 1,332,886,308 314,628,020 (3,154,320,457) 458,394,044 Long-term receivables—intercompany 1,715,204,137 — 1,846,525 (1,717,050,662) — Investments in joint ventures and associates (1,438,194,686) 172,395,250 78,073,476 1,189,980,912 2,254,952 Wells, pipelines, properties, plant and equipment-net 7,488,282 1,130,105,528 136,938,797 — 1,274,532,607 Long-term notes receivables — 1,646,290 — — 1,646,290 Right of use 666,839 52,047,552 1,569,067 — 54,283,458 Deferred taxes 53,898,456 34,644,220 3,713,163 — 92,255,839 Intangible assets 2,175 18,894,609 1,119,362 — 20,016,146 Mexican Government Bonds 109,601,905 — — — 109,601,905 Other assets — 1,165,964 37,946,966 — 39,112,930 Total assets Ps. 2,413,867,281 Ps. 2,743,785,721 Ps. 575,835,376 Ps. (3,681,390,207) Ps. 2,052,098,171 Liabilities Current liabilities Current portion of long-term debt 417,076,084 22,488,458 52,719,071 — 492,283,613 Accounts payable—inter-company 2,092,847,395 962,430,582 98,598,958 (3,153,876,935) — Other current liabilities 23,587,329 334,918,246 71,859,142 — 430,364,717 Total current liabilities 2,533,510,808 1,319,837,286 223,177,171 (3,153,876,935) 922,648,330 Long-term debt 1,715,650,511 25,978,231 15,783,539 — 1,757,412,281 Long-term payables—inter-company — 1,715,642,197 1,851,988 (1,717,494,185) — Employee benefits, provisions for sundry creditors, other liabilities and deferred taxes 334,835,252 1,196,413,505 10,789,586 — 1,542,038,343 Total liabilities 4,583,996,571 4,257,871,219 251,602,284 (4,871,371,120) 4,222,098,954 Equity (deficit), net (2,170,129,290) (1,514,085,498) 324,233,092 1,189,980,913 (2,170,000,783) Total liabilities and equity Ps. 2,413,867,281 Ps. 2,743,785,721 Ps. 575,835,376 Ps. (3,681,390,207) Ps. 2,052,098,171 |
Supplemental Statement of Comprehensive Income | SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2022 Petróleos Subsidiary Non-guarantor Eliminations PEMEX Net revenues Ps. — Ps. 2,801,812,884 Ps. 1,498,442,200 Ps. (1,922,252,125) Ps. 2,378,002,959 Services income 80,180,636 97,771,725 16,779,837 (189,346,848) 5,385,350 Total revenues 80,180,636 2,899,584,609 1,515,222,037 (2,111,598,973) 2,383,388,309 (Impairment) of wells, pipelines, properties, plant and equipment — (83,932,377) 394,356 — (83,538,021) Cost of sales 1,188,124 2,254,594,197 1,473,464,907 (2,030,684,206) 1,698,563,022 Gross income 78,992,512 561,058,035 42,151,486 (80,914,767) 601,287,266 Total general expenses 75,149,492 163,600,068 12,167,950 (80,733,408) 170,184,102 Other revenues (expenses), net 136,297 (617,947) 14,550,435 286,735 14,355,520 Operating income 3,979,317 396,840,020 44,533,971 105,376 445,458,684 Financing cost, net (53,015,543) (95,270,023) (6,927,924) (105,376) (155,318,866) Foreign exchange income (loss), net (2,577,191) 131,349,483 917,798 — 129,690,090 Profit (loss) sharing in joint ventures and associates 149,613,112 (1,982,658) 66,706,428 (213,987,481) 349,401 Income (loss) before duties, taxes and other 97,999,695 430,936,822 105,230,273 (213,987,481) 420,179,309 Total taxes, duties and other (2,412,355) 321,846,221 746,973 — 320,180,839 Net income for the year 100,412,050 109,090,601 104,483,300 (213,987,481) 99,998,470 Total other comprehensive result 27,263,372 96,178,950 (33,568,951) — 89,873,371 Total comprehensive income (loss) Ps. 127,675,422 Ps. 205,269,551 Ps. 70,914,349 Ps. (213,987,481) Ps. 189,871,841 SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2021 Petróleos Subsidiary Non-guarantor Eliminations PEMEX Net revenues Ps. — Ps. 1,815,602,641 Ps. 737,192,231 Ps. (1,062,139,493) Ps. 1,490,655,379 Services income 83,783,182 93,096,004 11,936,130 (183,842,075) 4,973,241 Total revenues 83,783,182 1,908,698,645 749,128,361 (1,245,981,568) 1,495,628,620 (Impairment) of wells, pipelines, properties, plant and equipment — (751,469) (459,126) — (1,210,595) Cost of sales 939,331 1,502,101,853 728,325,768 (1,164,716,250) 1,066,650,702 Gross income 82,843,851 405,845,323 20,343,467 (81,265,318) 427,767,323 Total general expenses 77,055,697 160,027,365 9,622,354 (81,234,555) 165,470,861 Other revenues (expenses), net 2,985,438 (37,344,472) 1,009,896 (19,492) (33,368,630) Operating income 8,773,592 208,473,486 11,731,009 (50,255) 228,927,832 Financing cost, net (54,245,927) (102,785,773) (3,907,658) 50,252 (160,889,106) Foreign exchange (loss) income, net (5,185,616) (39,529,621) (959,813) — (45,675,050) (Loss) profit in joint ventures and associates (246,891,433) (2,353,222) (10,630,620) 256,787,168 (3,088,107) (Impairment) of joint ventures — — (6,703,324) — (6,703,324) Income (loss) before duties, taxes and other (297,549,384) 63,804,870 (10,470,406) 256,787,165 12,572,245 Total taxes, duties and other (3,017,215) 308,071,088 2,294,249 — 307,348,122 Net (loss) income for the year (294,532,169) (244,266,218) (12,764,655) 256,787,165 (294,775,877) Total other comprehensive result 44,225,180 161,981,238 6,941,577 — 213,147,995 Total comprehensive (loss) income Ps. (250,306,989) Ps. (82,284,980) Ps. (5,823,078) Ps. 256,787,165 Ps. (81,627,882) SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2020 Petróleos Subsidiary Non-guarantor Eliminations PEMEX Net revenues Ps. — Ps. 1,115,845,485 Ps. 459,202,040 Ps. (626,101,165) Ps. 948,946,360 Services income 78,461,654 88,034,087 12,253,482 (174,033,739) 4,715,484 Total revenues 78,461,654 1,203,879,572 471,455,522 (800,134,904) 953,661,844 (Impairment) of wells, pipelines, properties, plant and equipment — (36,303,470) (50,230) — (36,353,700) Cost of sales 982,896 1,090,745,812 460,296,695 (719,410,713) 832,614,690 Gross income 77,478,758 76,830,290 11,108,597 (80,724,191) 84,693,454 Total general expenses 75,817,961 154,020,378 9,198,761 (80,706,414) 158,330,686 Other revenues (expenses), net 170,887 5,733,633 4,635,082 34,530 10,574,132 Operating income 1,831,684 (71,456,455) 6,544,918 16,753 (63,063,100) Financing cost, net (54,710,062) (70,134,087) (3,066,150) (16,754) (127,927,053) Foreign exchange (loss) income, net (1,778,917) (125,864,355) (1,306,032) — (128,949,304) (Loss) profit sharing in joint ventures and associates (433,417,288) 1,288,687 (12,588,491) 441,176,559 (3,540,533) (Loss) income before duties, taxes and other (488,074,583) (266,166,210) (10,415,755) 441,176,558 (323,479,990) Total taxes, duties and other 20,804,230 159,451,307 5,316,538 — 185,572,075 Net (loss) income for the year (508,878,813) (425,617,517) (15,732,293) 441,176,558 (509,052,065) Total other comprehensive result (6,062,096) (12,844,301) 7,600,985 — (11,305,412) Total comprehensive (loss) income Ps. (514,940,909) Ps. (438,461,818) Ps. (8,131,308) Ps. 441,176,558 Ps. (520,357,477) |
Supplemental Statement of Cash Flows | SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION STATEMENT OF CASH FLOWS For the year ended December 31, 2022 Petróleos Subsidiary Non-guarantor Eliminations PEMEX Operating activities: Net income (loss) Ps. 100,412,050 Ps. 109,090,601 Ps. 104,483,300 Ps. (213,987,481) Ps. 99,998,470 Income taxes and duties (2,412,355) 321,846,222 746,972 — 320,180,839 Depreciation and amortization of wells, pipelines, properties, plant and equipment 554,672 134,768,990 4,448,153 — 139,771,815 Amortization of intangible assets 433,850 22,598 59,894 — 516,342 Impairment of wells, pipelines, properties, plant and equipment — 83,932,376 (394,355) — 83,538,021 Capitalized unsuccessful wells — 7,110,169 — — 7,110,169 Unsuccessful wells from intangible assets — 13,911,491 — — 13,911,491 Loss from derecognition of disposal of wells, pipelines, properties, plant and equipment 770,522 20,594,151 2,358,648 — 23,723,321 Depreciation of rights of use 402,661 4,775,839 785,278 — 5,963,778 Cancellation of leases 17,489 (824,885) — — (807,396) (Gains) on bargain purchase of business acquisition — — (1,271,188) — (1,271,188) Reclassification of translation effect — — (10,383,296) — (10,383,296) Discount rate of reserve for well abandonment — 4,647,200 — — 4,647,200 Loss (profit) sharing in joint ventures and associates (149,613,112) 1,982,659 (66,706,428) 213,987,480 (349,401) Unrealized foreign exchange loss (income) (116,319,473) (7,874,293) (4,351,603) — (128,545,369) Interest expense 133,280,499 20,710,183 5,693,198 — 159,683,880 Interest income (15,912,365) (10,859,934) (455,666) — (27,227,965) Duties and taxes (6,301,293) (360,898,996) 527,037 — (366,673,252) Accounts receivable, inventories, accounts payable, DFIs and provisions 15,493,005 (52,750,442) 15,832,583 — (21,424,854) Employee benefits 18,330,319 35,818,190 126,678 — 54,275,187 Inter-company charges and deductions 511,277,041 (191,050,153) 115,670,229 (435,897,117) — Cash flows from (used in) operating activities 490,413,510 134,951,966 167,169,434 (435,897,118) 356,637,792 Investing activities: Acquisition of wells, pipelines, properties, plant and equipment and intangible assets (1,015,214) (221,783,321) (131,061,456) 13,389,062 (340,470,929) Other assets and other receivables 2,041,688 (1,388,372) (19,728,200) (13,389,063) (32,463,947) (Increase) decrease due to Inter-company investing Cash flows (used in) from investing activities 119,611,920 (223,171,693) (150,304,771) (119,070,332) (372,934,876) Financing activities: Increase in equity due to Certificates of Contribution “A” and proceeds from FONADIN grants 211,306,717 — — — 211,306,717 Collection and interest collected from the Mexican Government 7,455,715 — — — 7,455,715 Lease payments of principal and interest Loans obtained from financial institutions 428,181,800 34,447,738 601,549,878 — 1,064,179,416 Debt payments, principal only (470,070,458) (41,828,143) (595,260,679) — (1,107,159,280) Interest paid (136,869,989) (17,387,706) 301,005 — (153,956,690) Inter-company increase (decrease) financing (669,221,278) 126,720,696 (12,466,868) 554,967,450 — Net cash flows from (used in) financing activities: (629,906,783) 93,354,991 (7,226,603) 554,967,450 11,189,055 Net increase (decrease) in cash and cash equivalents (19,881,353) 5,135,264 9,638,060 — (5,108,029) Effects of foreign exchange on cash balances — — (6,983,907) — (6,983,907) Cash and cash equivalents at the beginning of the year 34,690,405 6,157,869 35,658,173 — 76,506,447 Cash and cash equivalents at the end of the year Ps. 14,809,052 Ps. 11,293,133 Ps. 38,312,326 Ps. — Ps. 64,414,511 SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION STATEMENT OF CASH FLOWS For the year ended December 31, 2021 Petróleos Subsidiary Non-guarantor Eliminations PEMEX Operating activities: Net (loss) income Ps. (294,532,169) Ps. (244,266,218) Ps. (12,764,655) Ps. 256,787,165 Ps. (294,775,877) Income taxes and duties (3,017,215) 308,071,088 2,294,249 — 307,348,122 Depreciation and amortization of wells, pipelines, properties, plant and equipment 926,413 130,462,150 2,042,802 — 133,431,365 Amortization of intangible assets 302,074 27,629 73,592 — 403,295 Impairment of wells, pipelines, properties, plant and equipment — 751,469 459,126 — 1,210,595 Capitalized unsuccessful wells — 9,730,391 — — 9,730,391 Unsuccessful wells from intangible assets — 12,565,711 — — 12,565,711 Loss from derecognition of disposal of wells, pipelines, properties, plant and equipment 165,820 47,033,371 100,431 — 47,299,622 Depreciation of rights of use 518,108 4,890,459 999,304 — 6,407,871 Reversal of impairment of rights of use — (87,025) Impairment of joint ventures — — 6,703,324 — 6,703,324 Cancellation of leases — (432,906) — — (432,906) Unrealized foreign exchange loss (income) of reserve for well abandonment — 4,454,106 — — 4,454,106 Loss (profit) sharing in joint ventures and associates 257,030,877 97,909 2,990,198 (257,030,877) 3,088,107 Unrealized foreign exchange loss (income) 37,103,050 4,878,103 2,504,194 — 44,485,347 Interest expense 152,735,265 9,319,042 2,517,340 — 164,571,647 Interest income (15,021,009) (13,696,982) (188,793) — (28,906,784) Taxes and duties (9,832,139) (247,468,399) (2,147,155) — (259,447,693) Accounts receivable, inventories, accounts payable, DFIs and provisions 36,095,181 (42,928,835) (29,866,906) — (36,700,560) Employee benefits 23,767,561 45,120,142 (1,001,049) — 67,886,654 Inter-company charges and deductions (945,742,643) (154,191,287) 116,560,178 983,373,752 — Cash flows from (used in) operating activities (759,500,826) (125,670,082) 91,276,180 983,130,040 189,235,312 Investing activities: Acquisition of wells, pipelines, properties, plant and equipment and intangible assets (305,025) (157,505,188) (77,595,821) — (235,406,034) Other assets and other receivables 435,423 4,246,730 (31,511,677) — (26,829,524) (Increase) decrease due to Inter-company investing (68,097,420) — (858,455) 68,955,875 — Cash flows (used in) from investing activities (67,967,022) (153,258,458) (109,965,953) 68,955,875 (262,235,558) Financing activities: Increase in equity due to Certificates of Contribution “A” 316,354,129 — — — 316,354,129 Collection and interest collected from the Mexican Government 22,915,255 — — — 22,915,255 Lease payments of principal and interest (388,290) (9,806,074) (1,074,067) — (11,268,431) Loans obtained from financial institutions 682,975,560 4,088,422 949,152,861 — 1,636,216,843 Debt payments, principal only (749,672,127) (8,885,244) (949,024,209) — (1,707,581,580) Interest paid (151,547,133) (5,430,171) (279,321) — (157,256,625) Inter-company increase (decrease) financing 732,126,639 300,149,402 19,809,874 (1,052,085,915) — Cash flows from (used in) financing activities: 852,764,033 280,116,335 18,585,138 (1,052,085,915) 99,379,591 Net increase (decrease) in cash and cash equivalents 25,296,185 1,187,795 (104,635) — 26,379,345 Effects of foreign exchange on cash balances — — 10,137,321 — 10,137,321 Cash and cash equivalents at the beginning of the year 9,394,220 4,970,074 25,625,487 — 39,989,781 Cash and cash equivalents at the end of the year Ps. 34,690,405 Ps. 6,157,869 Ps. 35,658,173 Ps. — Ps. 76,506,447 SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION STATEMENT OF CASH FLOWS For the year ended December 31, 2020 Petróleos Subsidiary Non-guarantor Eliminations PEMEX Operating activities: Net (loss) income Ps. (508,878,813) Ps. (425,617,517) Ps. (15,507,766) Ps. 440,952,031 Ps. (509,052,065) Income taxes and duties 20,804,230 159,451,307 5,316,538 — 185,572,075 Depreciation and amortization of wells, pipelines, properties, plant and equipment 1,066,176 126,778,686 1,786,958 — 129,631,820 Amortization of intangible assets 453,081 (30,155) 56,062 — 478,988 Impairment of wells, pipelines, properties, plant and equipment — 36,303,471 50,229 — 36,353,700 Capitalized unsuccessful wells — 10,947,702 — — 10,947,702 Unsuccessful wells from intangible assets — 8,404,284 — — 8,404,284 Loss from derecognition of disposal of wells, pipelines, properties, plant and equipment 94,065 3,004,053 2,199,444 — 5,297,562 Depreciation of rights of use 644,838 5,453,688 1,130,705 — 7,229,231 Loss from derecognition of disposal of intangible asset — — 396,118 — 396,118 Cancellation of leases — (1,101,987) — — (1,101,987) Discount rate of reserve for well abandonment — 4,555,692 — — 4,555,692 (Gains) on disposal of subsidiary companies — — (707,533) — (707,533) Loss (profit) sharing in joint ventures and associates 441,125,283 (41,685) 3,582,218 (441,125,283) 3,540,533 Unrealized foreign exchange loss (income) 117,158,102 12,040,638 3,267,503 — 132,466,243 Interest expense 134,335,289 25,908,927 1,521,026 — 161,765,242 Interest income (11,617,299) (5,124,749) — — (16,742,048) Taxes and duties 1,349,021 (155,315,035) (3,725,449) — (157,691,463) Accounts receivable, inventories, accounts payable, DFIs and provisions (16,644,218) (692,255) 22,115,695 — 4,779,222 Employee benefits (355,666) 64,873,037 (5,347,025) — 59,170,346 Inter-company charges and deductions (147,308,477) 37,878,271 35,319,045 74,111,161 — Cash flows from (used in) operating activities 32,225,612 (92,323,627) 51,453,768 73,937,909 65,293,662 Investing activities: Acquisition of wells, pipelines, properties, plant and equipment and intangible assets (349,555) (97,841,648) (40,426,953) — (138,618,156) Other assets and other receivables 930,596 (812,028) (2,640,055) — (2,521,487) (Increase) decrease due to Inter-company investing (194,281,597) — 627,372 193,654,225 — Cash flows (used in) from investing activities (193,700,556) (98,653,676) (42,439,636) 193,654,225 (141,139,643) Financing activities: Increase in equity due to Certificates of Contribution “A” 46,256,000 — — — 46,256,000 Collection and interest collected from the Mexican Government 5,800,940 — — — 5,800,940 Lease payments of principal and interest (396,917) (8,266,969) (1,346,915) — (10,010,801) Loans obtained from financial institutions 730,222,863 1,046 557,905,959 — 1,288,129,868 Debt payments, principal only (601,448,338) (4,828,154) (545,685,655) — (1,151,962,147) Interest paid (122,553,204) (7,200,077) (1,235,869) — (130,989,150) Inter-company increase (decrease) financing 84,752,963 211,415,474 (28,576,303) (267,592,134) — Cash flows from (used in) financing activities: 142,634,307 191,121,320 (18,938,783) (267,592,134) 47,224,710 Net increase (decrease) in cash and cash equivalents (18,840,637) 144,017 (9,924,651) — (28,621,271) Effects of foreign exchange on cash balances — — 7,989,421 — 7,989,421 Cash and cash equivalents at the beginning of the year 28,234,857 4,826,057 27,560,717 — 60,621,631 Cash and cash equivalents at the end of the year Ps. 9,394,220 Ps. 4,970,074 Ps. 25,625,487 Ps. — Ps. 39,989,781 |
Supplementary Information on _2
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure - supplementary information on oil and gas exploration and production activities [Abstract] | |
Summary of Capitalized Costs for Oil and Gas Producing Activities | A. Capitalized costs for oil and gas producing activities (unaudited): 2022 2021 2020 Proved Properties Ps. 2,866,888,317 2,755,452,487 2,483,134,177 Construction in progress 78,758,180 65,874,785 64,911,619 Accumulated depreciation and amortization (2,150,051,501) (1,970,206,627) (1,775,163,736) Net capitalized costs Ps. 795,594,996 851,120,645 772,882,060 |
Summary of Costs Incurred for Oil and Gas Property Exploration and Development Activities | B. Costs incurred for oil and gas property exploration and development activities (unaudited): 2022 2021 Exploration Ps. 52,128,899 40,812,385 Development 134,415,959 96,188,784 Total costs incurred Ps. 186,544,858 137,001,169 |
Summary of Results of Operations for Oil and Gas Producing Activities | C. Results of operations for oil and gas producing activities (unaudited): 2022 2021 2020 Revenues from sale of oil and gas Ps. 1,347,063,715 944,008,383 558,051,547 Hydrocarbon duties 404,918,526 306,827,282 154,609,136 Production costs (excluding taxes) 421,514,923 310,389,017 257,571,641 Other costs and expenses 94,115,614 35,671,317 (7,024,695) Exploration expenses 38,752,353 37,006,392 31,868,857 Depreciation, depletion, amortization and accretion 173,178,527 62,569,917 845,380 1,132,479,943 752,463,925 437,870,319 Results of operations for oil and gas producing activities Ps. 214,583,772 191,544,458 120,181,228 |
Summary of Results of Operations for Oil and Gas Producing Activities | D. Sales prices (unaudited) The following table summarizes average sales prices in U.S. dollars for each of the years ended December 31 (excluding production taxes): Description 2022 2021 2020 U.S.$ U.S.$ U.S.$ Weighted average sales price per barrel of oil equivalent (boe) (1) 69.31 52.22 27.86 Crude oil, per barrel 89.84 66.06 35.47 Natural gas, per thousand cubic feet 7.17 5.16 2.54 |
Summary of Oil and Gas Proved Reserves | Summary of oil and gas (1) proved reserves as of December 31, 2022 based on average fiscal year prices Crude oil and Condensates (2) Dry Gas (3) (in millions (in billions Proved developed and undeveloped reserves: Proved developed reserves 3,698.3 4,368.5 Proved undeveloped reserves 2,391.3 2,711.1 Total proved reserves 6,089.6 7,079.6 Note: Numbers may not total due to rounding. (1) PEMEX does not currently produce synthetic oil or synthetic gas, or other natural resources from which synthetic oil or synthetic gas can be produced. (2) Crude oil and condensate reserves include the fraction of liquefiable hydrocarbons recoverable in natural gas processing plants located at fields. (3) Reserve volumes reported in this table are volumes of dry gas, although natural gas production reported in other tables refers to sour wet gas. |
Disclosure of Proved Developed and Undeveloped Reserve | Crude oil and condensate reserves (including natural gas liquids) (1) 2022 2021 2020 Proved developed and undeveloped reserves: At December 31 6,073 6,041 5,961 Revisions (2) 647 565 651 Extensions and discoveries 78 115 97 Production (710) (697) (695) Farm outs & transfer to exploration and production contracts (CEE) & transfer of fields due to NHC bidding process 1 49 27 At December 31 6,089 6,073 6,041 Proved developed reserves at December 31 3,698 3,649 3,603 Proved undeveloped reserves at December 31 2,391 2,424 2,438 Note: Numbers may not total due to rounding. (1) Crude oil and condensate reserves include the fraction of liquefiable hydrocarbons recoverable in natural gas processing plants located at fields. (2) Revisions include positive and negative changes due to new data from well drilling, revisions made when actual reservoir performance differs from expected performance and changes in hydrocarbon prices. Source: Pemex Exploration and Production. Dry Gas Reserves 2022 2021 2020 (in billions of cubic feet) Proved developed and undeveloped reserves: At December 31 7,040 6,984 6,352 Revisions (1) 847 195 1,240 Extensions and discoveries 43 590 176 Production (2) (854) (751) (819) Farm outs & transfer to exploration and production contracts (CEE) & transfer of fields due to NHC bidding process 3 21 35 At December 31 7,079 7,040 6,984 Proved developed reserves at December 31 4,368 3,934 3,922 Proved undeveloped reserves at December 31 2,711 3,106 3,062 Note: Numbers may not total due to rounding. (1) Revisions include positive and negative changes due to new data from well drilling, revisions made when actual reservoir performance differs from expected performance and changes in hydrocarbon prices. |
Disclosure of standardized measure of discounted future net cash flows | Standardized measure of discounted future net cash flows as of December 31 2022 2021 2020 (in millions of U.S. dollars) Future cash inflows 512,547 371,331 201,777 Future production costs (excluding profit taxes) (174,115) (146,062) (109,064) Future development costs (26,013) (24,184) (23,631) Future cash flows before tax 312,419 201,085 69,082 Future production and excess gains taxes (205,035) (146,416) (73,122) Future net cash flows 107,384 54,669 (4,040) Effect of discounting net cash flows by 10% (44,461) (18,443) 3,359 Standardized measure of discounted future net cash flows 62,923 36,226 (681) |
Disclosure of Changes in Standardized Measure of Discounted Future Net Cash Flows | Changes in standardized measure of discounted future net cash flows 2022 2021 2020 (in millions of U.S. dollars) Sales of oil and gas produced, net of production costs (54,470) (34,600) (16,968) Net changes in prices and production costs 77,278 84,233 (39,509) Extensions and discoveries 3,078 1,583 1,426 Development cost incurred during the year 5,738 4,755 4,654 Changes in estimated development costs (5,523) (5,675) (10,019) Reserves revisions and timing changes 15,773 26,205 5,808 Accretion of discount of pre-tax net cash flows 9,749 2,220 5,929 Net changes in production and excess gains taxes (24,927) (41,814) 23,015 Aggregate change in standardized measure of discounted future net cash flows 26,696 36,907 (25,664) Standardized measure: As of January 1 36,226 (681) 24,983 As of December 31 62,922 36,226 (681) Change 26,696 36,907 (25,664) |
Authorization and Basis of Pr_2
Authorization and Basis of Preparation - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2022 Exchange_Rate | Dec. 31, 2021 | |
Other Revenue And Expense Net [Line Items] | ||
Employee benefits provision | 33% | 33% |
Currency exchange rate | 19.4143 | |
U.S | ||
Other Revenue And Expense Net [Line Items] | ||
Currency exchange rate | 19.4143 | 20.5835 |
Mexican Central Bank and SHCP | U.S | ||
Other Revenue And Expense Net [Line Items] | ||
Currency exchange rate | 19.4143 |
Significant Accounting Polici_3
Significant Accounting Policies - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of voluntary change in accounting policy [abstract] | |
Automotive incentive, request submission (in days) | 17 days |
Automotive incentive, average recovery (in days) | 30 days |
Subsidiary Entities and Subsi_2
Subsidiary Entities and Subsidiary Companies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest held | 100% |
PMI CIM | |
Disclosure of subsidiaries [line items] | |
Proportion of voting rights held in subsidiary | 98.33% |
COMESA | |
Disclosure of subsidiaries [line items] | |
Proportion of voting rights held in subsidiary | 60% |
Segment Financial Information -
Segment Financial Information - Additional Information (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment customer | Dec. 31, 2021 MXN ($) segment | Dec. 31, 2022 MXN ($) | |
Disclosure of operating segments [line items] | |||
Number of business segments | segment | 7 | 6 | |
Number of major customers | customer | 17 | ||
Long-lived assets outside of Mexico | $ 88,474,128 | $ 1,593,704,127 | $ 1,717,663,266 |
Foreign countries | |||
Disclosure of operating segments [line items] | |||
Long-lived assets outside of Mexico | $ | $ 29,840,282 |
Segment Financial Information_2
Segment Financial Information - Condensed Financial Information of Segments after Elimination of Unrealized Intersegment Gain (Loss) (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2019 MXN ($) | |||||
Sales: | ||||||||||
Trade | $ 2,378,002,959 | $ 1,490,655,379 | $ 948,946,360 | |||||||
Services income | $ 277,391 | 5,385,350 | 4,973,241 | 4,715,484 | ||||||
(Impairment) of wells, pipelines, properties, plant and equipment, net | (4,302,912) | (83,538,021) | (1,210,595) | (36,353,700) | ||||||
Cost of sales | 87,490,305 | 1,698,563,022 | 1,066,650,702 | 832,614,690 | ||||||
Gross income | 30,971,359 | 601,287,266 | 427,767,323 | 84,693,454 | ||||||
Distribution, transportation and sale expenses | 839,847 | 16,305,036 | 15,038,550 | 12,436,242 | ||||||
Administrative expenses | 7,926,068 | 153,879,066 | 150,432,311 | 145,894,444 | ||||||
Other revenue | 2,057,302 | 39,941,073 | 17,600,466 | 11,768,846 | ||||||
Other expenses | (25,585,553) | (50,969,096) | (1,194,714) | |||||||
Operating income (loss) | 22,944,874 | 445,458,684 | 228,927,832 | (63,063,100) | ||||||
Financing income | [1] | 1,402,470 | 27,227,965 | 28,906,784 | 16,742,048 | |||||
Financing cost | (8,225,065) | [2] | (159,683,880) | (164,571,647) | [2] | (161,765,242) | [2] | |||
Derivative financial instruments (cost) income, net | (1,177,635) | (22,862,951) | (25,224,243) | 17,096,141 | ||||||
Foreign exchange income (loss), net | 6,680,132 | 129,690,090 | (45,675,050) | (128,949,304) | ||||||
Profit (loss) sharing in joint ventures and associates | 17,997 | 349,401 | (3,088,107) | (3,540,533) | ||||||
(Impairment) of joint ventures | 0 | 0 | (6,703,324) | 0 | ||||||
Total duties, taxes and other | 320,180,839 | 307,348,122 | 185,572,075 | |||||||
Net income (loss) | 5,150,763 | 99,998,470 | (294,775,877) | (509,052,065) | ||||||
Total current assets | 27,191,027 | 458,394,044 | $ 527,894,778 | |||||||
Total non-current assets | 88,474,128 | 1,593,704,127 | 1,717,663,266 | |||||||
Total current liabilities | 47,889,300 | 922,648,330 | 929,737,258 | |||||||
Total long-term liabilities | 158,885,099 | 3,299,450,624 | 3,084,643,011 | |||||||
Total equity (deficit) | (91,109,244) | (2,170,000,783) | (2,404,727,030) | (1,768,822,225) | $ (1,931,409,302) | |||||
Depreciation and amortization of wells, pipelines, properties, plant and equipment | 7,199,426 | 139,771,815 | 133,431,365 | 129,631,820 | ||||||
Depreciation of rights of use | $ 307,185 | 5,963,778 | 6,407,871 | 7,229,231 | ||||||
Net periodic cost of employee benefits | 129,333,812 | 140,215,404 | 128,808,540 | |||||||
Interest income | 11,215,489 | 14,716,403 | 13,440,224 | |||||||
Interest paid | 139,528,079 | 151,713,068 | 143,117,956 | |||||||
Intersegment eliminations | ||||||||||
Sales: | ||||||||||
Intersegment | (2,111,598,971) | (1,245,981,568) | (800,134,904) | |||||||
Cost of sales | (2,030,684,206) | (1,164,716,250) | (719,410,712) | |||||||
Gross income | (80,914,765) | (81,265,318) | (80,724,192) | |||||||
Distribution, transportation and sale expenses | (5,230,758) | (3,820,964) | (4,234,470) | |||||||
Administrative expenses | (75,502,649) | (77,413,591) | (76,471,944) | |||||||
Other expenses | 286,734 | (19,491) | 34,529 | |||||||
Operating income (loss) | 105,376 | (50,254) | 16,751 | |||||||
Financing income | (251,733,654) | (221,697,179) | (227,877,399) | |||||||
Financing cost | 251,628,278 | 221,747,431 | 227,860,644 | |||||||
Profit (loss) sharing in joint ventures and associates | (213,987,481) | 256,787,169 | 441,176,561 | |||||||
Net income (loss) | (213,987,481) | 256,787,167 | 441,176,557 | |||||||
Total current assets | (3,175,323,293) | (2,825,188,933) | ||||||||
Total non-current assets | (527,069,750) | (807,795,310) | ||||||||
Total current liabilities | (3,174,879,770) | (2,825,030,251) | ||||||||
Total long-term liabilities | (1,717,494,184) | (1,512,848,498) | ||||||||
Total equity (deficit) | 1,189,980,911 | 704,894,507 | ||||||||
Exploration and Production | ||||||||||
Sales: | ||||||||||
Trade | 580,722,599 | 468,417,239 | 301,393,451 | |||||||
Intersegment | 717,367,392 | 460,572,660 | 242,454,754 | |||||||
Services income | 86,348 | 177,607 | 133,315 | |||||||
(Impairment) of wells, pipelines, properties, plant and equipment, net | (60,438,070) | 34,562,831 | 35,031,541 | |||||||
Cost of sales | 599,574,788 | 461,811,648 | 391,513,815 | |||||||
Gross income | 638,163,481 | 501,918,689 | 187,499,246 | |||||||
Distribution, transportation and sale expenses | 413,551 | 308,466 | 251,625 | |||||||
Administrative expenses | 64,390,637 | 68,609,035 | 72,457,241 | |||||||
Other revenue | 10,630,959 | 8,374,912 | 2,162,510 | |||||||
Other expenses | (21,104,328) | (48,624,108) | (896,526) | |||||||
Operating income (loss) | 562,885,924 | 392,751,992 | 116,056,364 | |||||||
Financing income | 86,983,763 | 74,733,941 | 77,700,999 | |||||||
Financing cost | (150,663,974) | (143,814,194) | (164,419,519) | |||||||
Derivative financial instruments (cost) income, net | (12,618,664) | (21,076,343) | 24,939,748 | |||||||
Foreign exchange income (loss), net | 104,112,481 | (33,902,009) | (116,528,387) | |||||||
Profit (loss) sharing in joint ventures and associates | (649,968) | (452,617) | (61,956) | |||||||
Total duties, taxes and other | 328,808,439 | 308,139,256 | 154,609,136 | |||||||
Net income (loss) | 261,241,123 | (39,898,486) | (216,921,887) | |||||||
Total current assets | 875,933,631 | 915,532,623 | ||||||||
Total non-current assets | 837,915,816 | 886,317,756 | ||||||||
Total current liabilities | 495,444,322 | 519,212,766 | ||||||||
Total long-term liabilities | 2,203,155,765 | 1,968,555,771 | ||||||||
Total equity (deficit) | (984,750,640) | (685,918,158) | ||||||||
Depreciation and amortization of wells, pipelines, properties, plant and equipment | 113,656,994 | 108,323,352 | 101,126,295 | |||||||
Depreciation of rights of use | 390,857 | 386,412 | 313,008 | |||||||
Net periodic cost of employee benefits | 36,284,710 | 38,215,687 | 35,356,366 | |||||||
Interest income | 190,684 | 175,149 | 61,001 | |||||||
Interest paid | (96,942) | 2,643,655 | 3,343,074 | |||||||
Industrial Transformation | ||||||||||
Sales: | ||||||||||
Trade | 1,206,916,270 | 704,624,236 | 479,244,968 | |||||||
Intersegment | 302,190,952 | 186,494,071 | 97,728,702 | |||||||
Services income | 1,096,095 | 510,999 | 191,667 | |||||||
(Impairment) of wells, pipelines, properties, plant and equipment, net | (25,615,351) | (32,153,192) | (71,854,015) | |||||||
Cost of sales | 1,577,012,772 | 984,150,631 | 658,688,191 | |||||||
Gross income | (92,424,806) | (124,674,517) | (153,376,869) | |||||||
Distribution, transportation and sale expenses | 20,000,274 | 16,967,684 | 14,823,740 | |||||||
Administrative expenses | 60,136,092 | 55,094,836 | 52,116,760 | |||||||
Other revenue | 9,632,988 | 4,547,927 | 4,106,298 | |||||||
Other expenses | (665,656) | (1,518,540) | (124,722) | |||||||
Operating income (loss) | (163,593,840) | (193,707,650) | (216,335,793) | |||||||
Financing income | 448,537 | 294,144 | 469,222 | |||||||
Financing cost | (31,341,752) | (18,879,599) | (12,166,577) | |||||||
Derivative financial instruments (cost) income, net | (27,846) | (20,346) | 22,862 | |||||||
Foreign exchange income (loss), net | 27,124,384 | (5,627,711) | (9,060,800) | |||||||
Profit (loss) sharing in joint ventures and associates | (1,332,437) | (1,900,487) | (1,016,062) | |||||||
Net income (loss) | (168,722,954) | (219,841,649) | (238,087,148) | |||||||
Total current assets | 252,372,772 | 296,527,986 | ||||||||
Total non-current assets | 418,907,482 | 502,433,210 | ||||||||
Total current liabilities | 776,564,748 | 1,078,322,279 | ||||||||
Total long-term liabilities | 657,020,316 | 614,563,455 | ||||||||
Total equity (deficit) | (762,304,810) | (893,924,538) | ||||||||
Depreciation and amortization of wells, pipelines, properties, plant and equipment | 15,173,731 | 16,271,506 | 19,744,860 | |||||||
Depreciation of rights of use | 3,845,374 | 4,235,223 | 4,715,238 | |||||||
Net periodic cost of employee benefits | 52,521,311 | 54,997,753 | 51,845,677 | |||||||
Interest income | 399,495 | 245,596 | 469,019 | |||||||
Interest paid | 4,083,467 | 4,924,651 | 5,340,096 | |||||||
Logistics | ||||||||||
Sales: | ||||||||||
Intersegment | 89,622,240 | 84,952,786 | 80,575,471 | |||||||
Services income | 1,582,712 | 2,949,047 | 4,099,000 | |||||||
(Impairment) of wells, pipelines, properties, plant and equipment, net | 2,121,045 | (3,161,108) | 426,560 | |||||||
Cost of sales | 78,006,637 | 56,139,574 | 43,614,768 | |||||||
Gross income | 15,319,360 | 28,601,151 | 41,486,263 | |||||||
Distribution, transportation and sale expenses | 284,725 | 121,109 | 107,691 | |||||||
Administrative expenses | 18,374,788 | 18,926,235 | 15,762,946 | |||||||
Other revenue | 333,558 | 238,613 | 513,076 | |||||||
Other expenses | 554,533 | (363,276) | (7,445) | |||||||
Operating income (loss) | (2,452,062) | 9,429,144 | 26,121,257 | |||||||
Financing income | 12,494,966 | 6,285,126 | 3,340,622 | |||||||
Financing cost | (545,053) | (308,502) | (450,802) | |||||||
Foreign exchange income (loss), net | 112,618 | 99 | (442,139) | |||||||
Profit (loss) sharing in joint ventures and associates | (254) | (118) | 3,813 | |||||||
Total duties, taxes and other | (6,962,217) | (68,168) | 4,842,171 | |||||||
Net income (loss) | 16,572,432 | 15,473,917 | 23,730,580 | |||||||
Total current assets | 219,321,008 | 251,070,455 | ||||||||
Total non-current assets | 154,076,115 | 160,667,832 | ||||||||
Total current liabilities | 62,569,320 | 79,817,063 | ||||||||
Total long-term liabilities | 77,857,852 | 75,200,326 | ||||||||
Total equity (deficit) | 232,969,951 | 256,720,899 | ||||||||
Depreciation and amortization of wells, pipelines, properties, plant and equipment | 5,938,265 | 5,867,292 | 5,917,668 | |||||||
Depreciation of rights of use | 539,608 | 268,824 | 460,957 | |||||||
Net periodic cost of employee benefits | 8,387,099 | 11,661,937 | 8,927,651 | |||||||
Interest income | 61,685 | 46,414 | 38,972 | |||||||
Interest paid | 532,791 | 267,546 | 364,871 | |||||||
DPRLP | ||||||||||
Sales: | ||||||||||
Trade | 238,510,433 | |||||||||
Intersegment | 29,193,820 | |||||||||
Services income | 430,512 | |||||||||
Cost of sales | 243,355,903 | |||||||||
Gross income | 24,778,862 | |||||||||
Administrative expenses | 1,000,038 | |||||||||
Other revenue | 29,832 | |||||||||
Other expenses | (1,550,862) | |||||||||
Operating income (loss) | 22,257,794 | |||||||||
Financing income | 241,369 | |||||||||
Financing cost | (1,381,250) | |||||||||
Total duties, taxes and other | 212,621 | |||||||||
Net income (loss) | 20,905,292 | |||||||||
Total current assets | 31,935,985 | |||||||||
Total non-current assets | 32,675,568 | |||||||||
Total current liabilities | 10,287,103 | |||||||||
Total long-term liabilities | 4,153,387 | |||||||||
Total equity (deficit) | 50,171,062 | |||||||||
Depreciation and amortization of wells, pipelines, properties, plant and equipment | 2,457,584 | |||||||||
Interest income | 110,031 | |||||||||
Interest paid | 1,362,760 | |||||||||
Trading Companies | ||||||||||
Sales: | ||||||||||
Trade | 334,364,847 | 304,536,717 | 159,786,736 | |||||||
Intersegment | 819,994,494 | 400,866,433 | 280,924,383 | |||||||
Services income | 2,173,075 | 1,314,183 | 229,140 | |||||||
(Impairment) of wells, pipelines, properties, plant and equipment, net | 394,355 | (459,126) | 42,214 | |||||||
Cost of sales | 1,146,203,099 | 690,088,452 | 430,672,407 | |||||||
Gross income | 10,723,672 | 16,169,755 | 10,310,066 | |||||||
Distribution, transportation and sale expenses | 693,982 | 1,349,800 | 1,277,980 | |||||||
Administrative expenses | 2,768,334 | 2,102,321 | 2,106,780 | |||||||
Other revenue | 11,538,185 | 649,315 | 874,412 | |||||||
Other expenses | (925,859) | (42,633) | (86,960) | |||||||
Operating income (loss) | 17,873,682 | 13,324,316 | 7,712,758 | |||||||
Financing income | 454,991 | 389,888 | 307,229 | |||||||
Financing cost | (3,389,376) | (2,050,801) | (812,552) | |||||||
Derivative financial instruments (cost) income, net | (1,870,306) | (1,624,762) | (1,794,243) | |||||||
Foreign exchange income (loss), net | (258,955) | (21,490) | (750,041) | |||||||
Profit (loss) sharing in joint ventures and associates | 22,757,389 | (423,658) | (1,931,323) | |||||||
(Impairment) of joint ventures | (6,703,324) | |||||||||
Total duties, taxes and other | (504,023) | 2,061,302 | 3,413,999 | |||||||
Net income (loss) | 36,071,448 | 828,867 | (682,171) | |||||||
Total current assets | 244,042,561 | 208,042,447 | ||||||||
Total non-current assets | 40,872,714 | 104,756,605 | ||||||||
Total current liabilities | 189,834,560 | 163,897,630 | ||||||||
Total long-term liabilities | 792,646 | 513,730 | ||||||||
Total equity (deficit) | 94,288,069 | 148,387,691 | ||||||||
Depreciation and amortization of wells, pipelines, properties, plant and equipment | 350,789 | 266,764 | 317,241 | |||||||
Depreciation of rights of use | 694,369 | 884,797 | 992,148 | |||||||
Net periodic cost of employee benefits | 8,504 | 48,093 | (1,156) | |||||||
Interest income | 56,852 | 105,464 | 80,245 | |||||||
Interest paid | 2,978,799 | 1,839,455 | 195,249 | |||||||
Corporate | ||||||||||
Sales: | ||||||||||
Intersegment | 80,179,770 | 83,781,482 | 78,459,074 | |||||||
Services income | 867 | 1,700 | 2,582 | |||||||
Cost of sales | 1,188,124 | 939,331 | 982,895 | |||||||
Gross income | 78,992,513 | 82,843,851 | 77,478,761 | |||||||
Distribution, transportation and sale expenses | 51,637 | (43,465) | 79,072 | |||||||
Administrative expenses | 75,097,855 | 77,099,162 | 75,738,889 | |||||||
Other revenue | 906,823 | 3,152,076 | 264,856 | |||||||
Other expenses | (770,526) | (166,638) | (93,966) | |||||||
Operating income (loss) | 3,979,318 | 8,773,592 | 1,831,690 | |||||||
Financing income | 177,776,910 | 168,666,374 | 161,678,495 | |||||||
Financing cost | (222,446,318) | (220,409,508) | (210,316,330) | |||||||
Derivative financial instruments (cost) income, net | (8,346,135) | (2,502,792) | (6,072,226) | |||||||
Foreign exchange income (loss), net | (2,577,191) | (5,185,616) | (1,778,916) | |||||||
Profit (loss) sharing in joint ventures and associates | 149,613,112 | (246,891,433) | (433,417,288) | |||||||
Total duties, taxes and other | (2,412,355) | (3,017,215) | 20,804,231 | |||||||
Net income (loss) | 100,412,051 | (294,532,168) | (508,878,806) | |||||||
Total current assets | 1,970,621,443 | 1,548,257,534 | ||||||||
Total non-current assets | 448,667,108 | 431,460,970 | ||||||||
Total current liabilities | 2,538,932,073 | 1,856,611,334 | ||||||||
Total long-term liabilities | 2,050,485,763 | 1,891,640,785 | ||||||||
Total equity (deficit) | (2,170,129,285) | (1,768,533,615) | ||||||||
Depreciation and amortization of wells, pipelines, properties, plant and equipment | 554,672 | 926,413 | 1,066,178 | |||||||
Depreciation of rights of use | 402,661 | 518,108 | 644,836 | |||||||
Net periodic cost of employee benefits | 32,090,167 | 35,102,165 | 32,646,614 | |||||||
Interest income | 10,107,959 | 14,060,450 | 12,483,256 | |||||||
Interest paid | 129,328,297 | 141,368,154 | 132,594,376 | |||||||
Other Operating Subsidiary Companies | ||||||||||
Sales: | ||||||||||
Trade | 17,488,810 | 13,077,187 | 8,521,205 | |||||||
Intersegment | 73,050,303 | 29,314,136 | 19,992,520 | |||||||
Services income | 15,741 | 19,705 | 59,780 | |||||||
Cost of sales | 83,905,905 | 38,237,316 | 26,553,326 | |||||||
Gross income | 6,648,949 | 4,173,712 | 2,020,179 | |||||||
Distribution, transportation and sale expenses | 91,625 | 155,920 | 130,604 | |||||||
Administrative expenses | 7,613,971 | 6,014,313 | 4,183,772 | |||||||
Other revenue | 6,868,728 | 637,623 | 3,847,694 | |||||||
Other expenses | (1,409,589) | (234,410) | (19,624) | |||||||
Operating income (loss) | 4,402,492 | (1,593,308) | 1,533,873 | |||||||
Financing income | 561,083 | 234,490 | 1,122,880 | |||||||
Financing cost | (1,544,435) | (856,474) | (1,460,106) | |||||||
Foreign exchange income (loss), net | 1,176,753 | (938,323) | (389,021) | |||||||
Profit (loss) sharing in joint ventures and associates | 43,949,040 | (10,206,963) | (8,294,278) | |||||||
Total duties, taxes and other | 1,038,374 | 232,947 | 1,902,538 | |||||||
Net income (loss) | 47,506,559 | (13,593,525) | (9,389,190) | |||||||
Total current assets | 71,425,922 | 101,716,681 | ||||||||
Total non-current assets | 220,334,642 | 407,146,635 | ||||||||
Total current liabilities | 34,183,077 | 46,619,334 | ||||||||
Total long-term liabilities | 27,632,466 | 42,864,055 | ||||||||
Total equity (deficit) | 229,945,021 | $ 419,379,927 | ||||||||
Depreciation and amortization of wells, pipelines, properties, plant and equipment | 1,639,780 | 1,776,038 | 1,459,578 | |||||||
Depreciation of rights of use | 90,909 | 114,507 | 103,044 | |||||||
Net periodic cost of employee benefits | 42,021 | 189,769 | 33,388 | |||||||
Interest income | 288,783 | 83,330 | 307,731 | |||||||
Interest paid | $ 1,338,907 | $ 669,607 | $ 1,280,290 | |||||||
[1]Includes financing income from investments and gain on discount rate of plugging of wells in 2022, 2021 and 2020.[2]Mainly interest on debt. |
Segment Financial Information_3
Segment Financial Information - Supplemental Geographic Information (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Disclosure of operating segments [line items] | ||||
Domestic sales | $ 61,434,830 | $ 1,192,714,214 | $ 762,114,551 | $ 503,712,031 |
Incentive for automotive fuels (see Notes 3-S and 7-E) | 5,761,936 | 111,863,956 | 0 | 0 |
Total domestic sales | 1,304,578,170 | 762,114,551 | 503,712,031 | |
Total export sales | 55,290,419 | 1,073,424,789 | 728,540,828 | 445,234,329 |
Services income | 277,391 | 5,385,350 | 4,973,241 | 4,715,484 |
Total revenues | $ 122,764,576 | $ 2,383,388,309 | $ 1,495,628,620 | $ 953,661,844 |
Percentage of service income from domestic sales | 85% | 85% | 99% | 97% |
United States | ||||
Disclosure of operating segments [line items] | ||||
Total export sales | $ 847,736,491 | $ 503,358,963 | $ 304,344,028 | |
Canada, Central and South America | ||||
Disclosure of operating segments [line items] | ||||
Total export sales | 3,946,692 | 2,888,992 | 2,105,703 | |
Europe | ||||
Disclosure of operating segments [line items] | ||||
Total export sales | 77,239,046 | 69,011,487 | 45,254,008 | |
Other countries | ||||
Disclosure of operating segments [line items] | ||||
Total export sales | $ 144,502,560 | $ 153,281,386 | $ 93,530,590 |
Segment Financial Information_4
Segment Financial Information - Schedule of Income by Product (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Disclosure of operating segments [line items] | ||||
Domestic | $ 61,434,830 | $ 1,192,714,214 | $ 762,114,551 | $ 503,712,031 |
Total export sales | $ 55,290,419 | 1,073,424,789 | 728,540,828 | 445,234,329 |
Operating segment | ||||
Disclosure of operating segments [line items] | ||||
Domestic | 1,304,578,170 | 762,114,551 | 503,712,031 | |
Total export sales | 1,073,424,789 | 728,540,828 | 445,234,329 | |
Operating segment | Refined petroleum products and derivatives (primarily gasolines) | ||||
Disclosure of operating segments [line items] | ||||
Domestic | 1,155,023,948 | 622,091,842 | 409,240,569 | |
Total export sales | 445,703,884 | 172,389,717 | 107,391,773 | |
Operating segment | Gas | ||||
Disclosure of operating segments [line items] | ||||
Domestic | 123,754,373 | 113,103,547 | 79,176,837 | |
Total export sales | 17,429,517 | 76,144,006 | 32,192,334 | |
Operating segment | Petrochemical products | ||||
Disclosure of operating segments [line items] | ||||
Domestic | 25,799,849 | 26,919,162 | 15,294,625 | |
Total export sales | 26,550,447 | 11,787,141 | 4,451,108 | |
Operating segment | Crude oil | ||||
Disclosure of operating segments [line items] | ||||
Total export sales | $ 583,740,941 | $ 468,219,964 | $ 301,199,114 |
Revenue - Schedule of Revenue D
Revenue - Schedule of Revenue Disaggregation (Detail) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | $ 2,383,388,309 | $ 1,495,628,620 | $ 953,661,844 |
Products transferred at a point in time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 2,323,407,888 | 1,440,834,529 | 953,178,675 |
Products and services transferred over the time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 59,980,421 | 54,794,091 | 483,169 |
Crude oil | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 583,740,942 | 468,219,964 | 301,199,114 |
Gas | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 240,621,636 | 189,247,553 | 111,369,171 |
Refined petroleum products | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 1,395,728,237 | 794,481,560 | 516,632,342 |
Incentive for automotive fuels (3) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 111,863,956 | ||
Other | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 46,048,188 | 38,706,302 | 19,745,733 |
Services | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 5,385,350 | 4,973,241 | 4,715,484 |
United States | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 848,167,004 | 503,358,963 | 304,344,028 |
Other countries | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 148,449,252 | 156,170,525 | 95,655,191 |
Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 77,239,047 | 69,011,488 | 45,254,009 |
Local | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 1,197,669,050 | 767,087,644 | 508,408,616 |
Incentive for automotive fuels (3) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 111,863,956 | ||
Exploration and Production | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 580,808,947 | 468,594,846 | 301,526,766 |
Exploration and Production | Products transferred at a point in time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 580,722,599 | 468,417,239 | 301,526,766 |
Exploration and Production | Products and services transferred over the time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 86,348 | 177,607 | |
Exploration and Production | Crude oil | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 580,496,310 | 468,219,964 | 301,199,114 |
Exploration and Production | Gas | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 226,289 | 197,275 | 194,337 |
Exploration and Production | Services | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 86,348 | 177,607 | 133,315 |
Exploration and Production | United States | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 370,279,490 | 258,726,545 | 171,640,991 |
Exploration and Production | Other countries | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 137,931,414 | 141,904,248 | 85,271,096 |
Exploration and Production | Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 72,285,406 | 67,589,171 | 44,287,027 |
Exploration and Production | Local | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 312,637 | 374,882 | 327,652 |
Industrial Transformation | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 1,208,012,365 | 705,135,235 | 479,436,635 |
Industrial Transformation | Products transferred at a point in time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 1,150,738,488 | 651,854,339 | 479,244,968 |
Industrial Transformation | Products and services transferred over the time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 57,273,877 | 53,280,896 | 191,667 |
Industrial Transformation | Gas | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 122,981,393 | 112,906,272 | 60,076,159 |
Industrial Transformation | Refined petroleum products | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 959,816,508 | 572,490,831 | 409,240,569 |
Industrial Transformation | Incentive for automotive fuels (3) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 111,863,956 | ||
Industrial Transformation | Other | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 12,254,413 | 19,227,133 | 9,928,240 |
Industrial Transformation | Services | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 1,096,095 | 510,999 | 191,667 |
Industrial Transformation | Local | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 1,096,148,409 | 705,135,235 | 479,436,635 |
Industrial Transformation | Incentive for automotive fuels (3) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 111,863,956 | ||
Logistics | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 1,582,712 | 2,949,047 | 4,099,000 |
Logistics | Products transferred at a point in time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 1,582,712 | 2,949,047 | 4,099,000 |
Logistics | Services | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 1,582,712 | 2,949,047 | 4,099,000 |
Logistics | Local | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 1,582,712 | 2,949,047 | 4,099,000 |
DPRLP | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 238,940,945 | ||
DPRLP | Products transferred at a point in time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 238,510,433 | ||
DPRLP | Products and services transferred over the time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 430,512 | ||
DPRLP | Gas | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 12,419,661 | ||
DPRLP | Refined petroleum products | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 210,402,816 | ||
DPRLP | Other | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 15,687,956 | ||
DPRLP | Services | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 430,512 | ||
DPRLP | United States | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 238,940,945 | ||
Trading Companies | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 336,537,922 | 305,850,900 | 160,015,876 |
Trading Companies | Products transferred at a point in time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 334,364,846 | 304,536,717 | 159,786,736 |
Trading Companies | Products and services transferred over the time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 2,173,076 | 1,314,183 | 229,140 |
Trading Companies | Crude oil | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 3,244,632 | ||
Trading Companies | Gas | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 104,994,293 | 76,144,006 | 51,098,675 |
Trading Companies | Refined petroleum products | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 225,508,913 | 221,990,729 | 107,391,773 |
Trading Companies | Other | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 617,009 | 6,401,982 | 1,296,288 |
Trading Companies | Services | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 2,173,075 | 1,314,183 | 229,140 |
Trading Companies | United States | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 237,373,418 | 240,012,752 | 131,653,920 |
Trading Companies | Other countries | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 6,861,495 | 13,141,852 | 8,259,494 |
Trading Companies | Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 4,953,641 | 1,422,317 | 966,982 |
Trading Companies | Local | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 87,349,368 | 51,273,979 | 19,135,480 |
Corporate | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 867 | 1,700 | 2,582 |
Corporate | Products and services transferred over the time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 867 | 1,700 | 2,582 |
Corporate | Services | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 867 | 1,700 | 2,582 |
Corporate | Local | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 867 | 1,700 | 2,582 |
Other Operating Subsidiary Companies | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 17,504,551 | 13,096,892 | 8,580,985 |
Other Operating Subsidiary Companies | Products transferred at a point in time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 17,488,810 | 13,077,187 | 8,521,205 |
Other Operating Subsidiary Companies | Products and services transferred over the time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 15,741 | 19,705 | 59,780 |
Other Operating Subsidiary Companies | Other | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 17,488,810 | 13,077,187 | 8,521,205 |
Other Operating Subsidiary Companies | Services | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 15,741 | 19,705 | 59,780 |
Other Operating Subsidiary Companies | United States | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 1,573,151 | 4,619,666 | 1,049,117 |
Other Operating Subsidiary Companies | Other countries | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 3,656,343 | 1,124,425 | 2,124,601 |
Other Operating Subsidiary Companies | Local | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | $ 12,275,057 | $ 7,352,801 | $ 5,407,267 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Apr. 20, 2020 $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2021 MXN ($) $ / shares | Dec. 31, 2020 MXN ($) | |
Disclosure of geographical areas [line items] | ||||||
Payment terms | 30 days | |||||
Sales price determination period, maximum | 2 months | |||||
Total customers, net | $ 107,117,145 | $ 101,259,081 | $ 101,259,081 | |||
Amount recorded in advance from customers were recognized as revenue for the Period | $ 4,530,614 | 7,623,880 | ||||
Crude oil price per barrel | $ 68.7 | |||||
Percentage of decrease in total sales of petroleum products | 32% | |||||
Price of the Mexican crude oil export mix per barrel | $ / shares | $ 2.37 | $ 88.41 | $ 65.85 | |||
Percentage of increase (decrease) in revenue | 59.40% | 59.40% | ||||
Increase (decrease) in revenue | $ 887,759,689 | |||||
Total revenues | $ 122,764,576,000 | 2,383,388,309 | 1,495,628,620 | $ 953,661,844 | ||
Incentive for automotive fuels (see Notes 3-S and 7-E) | $ 5,761,936,000 | $ 111,863,956 | 0 | $ 0 | ||
Refined petroleum products | ||||||
Disclosure of geographical areas [line items] | ||||||
Invoice payment terms | 30 days | |||||
Gas | ||||||
Disclosure of geographical areas [line items] | ||||||
Invoice payment terms | 30 days | |||||
Services | ||||||
Disclosure of geographical areas [line items] | ||||||
Invoice payment terms | 22 days | |||||
Other | ||||||
Disclosure of geographical areas [line items] | ||||||
Invoice payment terms | 30 days | |||||
Accounts and accrued expenses | ||||||
Disclosure of geographical areas [line items] | ||||||
Advances from customers | $ 39,465,014 | $ 7,495,198 | $ 7,495,198 | |||
Mexica Country | ||||||
Disclosure of geographical areas [line items] | ||||||
Increase decrease in price of the Mexican crude oil export mix per barrel | $ / shares | $ 22.56 | |||||
Percentage increase decrease in price of the Mexican crude oil export mix per barrel | 34.30% | 34.30% |
Financial Instruments - Summary
Financial Instruments - Summary of Carrying Amounts and Fair Value of Financial Assets and Liabilities (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | May 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | Dec. 31, 2019 MXN ($) |
Disclosure of detailed information about financial instruments [line items] | |||||||
Cash and cash equivalents | $ 3,317,890 | $ 64,414,511 | $ 3,940,727 | $ 76,506,447 | $ 39,989,781 | $ 60,621,631 | |
Customers, net | 5,517,435 | 107,117,145 | 101,259,081 | ||||
Sundry debtors | 40,074,758 | 37,034,460 | |||||
Investments in joint ventures and associates | 105,281 | 2,043,966 | 2,254,952 | ||||
Other assets | 45,040,403 | 40,787,153 | |||||
Financial liabilities measured at fair value | (13,636,086) | ||||||
Suppliers | (14,538,008) | (282,245,250) | (264,056,358) | ||||
Accounts and accrued expenses payable | $ (4,213,823) | (81,808,426) | (32,015,808) | ||||
Leases | (51,131,575) | (59,351,649) | $ (63,184,128) | ||||
Debt | (1,853,421,785) | $ (1,984,689) | (2,211,701,630) | ||||
Derivative financial instruments | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial liabilities measured at fair value | (22,242,056) | ||||||
Derivative financial instruments | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets measured at fair value | 12,755,568 | 12,473,967 | |||||
Equity instruments | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets measured at fair value | 370,317 | 448,949 | |||||
Mexican Government Bonds | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Mexican Government Bonds | 108,062,414 | 109,124,514 | |||||
Total carrying amount | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets measured at fair value | 13,125,885 | 12,922,916 | |||||
Cash and cash equivalents | 64,414,511 | 76,506,447 | |||||
Customers, net | 107,117,145 | 101,259,081 | |||||
Officials and employees | 4,965,645 | 3,752,693 | |||||
Sundry debtors | 40,074,758 | 37,034,460 | |||||
Investments in joint ventures and associates | 2,043,966 | 2,254,952 | |||||
Notes receivable | 1,334,126 | 1,646,290 | |||||
Other assets | 4,602,021 | 4,537,481 | |||||
Financial assets not measured at fair value | 334,731,689 | 337,846,759 | |||||
Financial liabilities measured at fair value | (22,242,056) | (13,636,086) | |||||
Suppliers | (282,245,250) | (264,056,358) | |||||
Accounts and accrued expenses payable | (81,808,426) | (32,015,808) | |||||
Leases | (51,131,575) | (59,351,648) | |||||
Debt | (2,091,463,996) | (2,249,695,894) | |||||
Total | (2,506,649,247) | (2,605,119,708) | |||||
Total carrying amount | Other financial liabilities | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Suppliers | (282,245,250) | (264,056,358) | |||||
Accounts and accrued expenses payable | (81,808,426) | (32,015,808) | |||||
Leases | (51,131,575) | (59,351,648) | |||||
Debt | (2,091,463,996) | (2,249,695,894) | |||||
Total | (2,506,649,247) | (2,605,119,708) | |||||
Total carrying amount | Derivative financial instruments | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial liabilities measured at fair value | (22,242,056) | (13,636,086) | |||||
Total carrying amount | FVTPL | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets measured at fair value | 12,755,568 | 12,473,967 | |||||
Financial liabilities measured at fair value | (22,242,056) | (13,636,086) | |||||
Total carrying amount | FVTPL | Derivative financial instruments | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial liabilities measured at fair value | (22,242,056) | (13,636,086) | |||||
Total carrying amount | FVOCI – equity instruments | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets measured at fair value | 370,317 | 448,949 | |||||
Total carrying amount | Financial assets at amortized cost | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Cash and cash equivalents | 64,414,511 | 76,506,447 | |||||
Customers, net | 107,117,145 | 101,259,081 | |||||
Officials and employees | 4,965,645 | 3,752,693 | |||||
Sundry debtors | 40,074,758 | 37,034,460 | |||||
Investments in joint ventures and associates | 2,043,966 | 2,254,952 | |||||
Notes receivable | 1,334,126 | 1,646,290 | |||||
Other assets | 4,602,021 | 4,537,481 | |||||
Financial assets not measured at fair value | 334,731,689 | 337,846,759 | |||||
Total carrying amount | Derivative financial instruments | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets measured at fair value | 12,755,568 | 12,473,967 | |||||
Total carrying amount | Derivative financial instruments | FVTPL | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets measured at fair value | 12,755,568 | 12,473,967 | |||||
Total carrying amount | Equity instruments | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets measured at fair value | 370,317 | 448,949 | |||||
Total carrying amount | Equity instruments | FVOCI – equity instruments | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets measured at fair value | 370,317 | 448,949 | |||||
Total carrying amount | Mexican Government Bonds | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Mexican Government Bonds | 110,179,517 | 110,855,356 | |||||
Total carrying amount | Mexican Government Bonds | Financial assets at amortized cost | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Mexican Government Bonds | 110,179,517 | 110,855,356 | |||||
Level 1 | Mexican Government Bonds | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Mexican Government Bonds | 108,062,414 | 109,124,514 | |||||
Level 2 | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Debt | (1,853,421,785) | (2,211,701,630) | |||||
Level 2 | Derivative financial instruments | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial liabilities measured at fair value | (22,242,056) | (13,636,086) | |||||
Level 2 | Derivative financial instruments | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets measured at fair value | 12,755,568 | 12,473,967 | |||||
Level 2 | Equity instruments | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets measured at fair value | $ 370,317 | $ 448,949 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Monetary Assets and Liabilities Denominated In Foreign Currency (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 MXN ($) Exchange_Rate | Dec. 31, 2022 USD ($) Exchange_Rate | Dec. 31, 2021 MXN ($) | Dec. 31, 2021 USD ($) |
Monetary assets and liabilities denominated in foreign currency [line items] | ||||
Net position Asset/(Liability) | $ (2,209,109,044) | $ (2,013,915,861) | ||
Exchange rate | Exchange_Rate | 19.4143 | 19.4143 | ||
U.S. dollar | ||||
Monetary assets and liabilities denominated in foreign currency [line items] | ||||
Assets | $ 10,362,175 | $ 14,268,352 | ||
Liabilities | 111,567,112 | 97,614,622 | ||
Net position Asset/(Liability) | $ (1,964,823,008) | $ (101,204,937) | $ (1,715,557,949) | $ (83,346,270) |
Exchange rate | 19.4143 | 19.4143 | 20.5835 | 20.5835 |
Euro | ||||
Monetary assets and liabilities denominated in foreign currency [line items] | ||||
Assets | $ 2,464 | $ 741,098 | ||
Liabilities | 10,143,850 | 11,735,899 | ||
Net position Asset/(Liability) | $ (210,010,864) | $ (10,141,386) | $ (257,372,899) | $ (10,994,801) |
Exchange rate | 20.7083 | 20.7083 | 23.4086 | 23.4086 |
Pounds sterling | ||||
Monetary assets and liabilities denominated in foreign currency [line items] | ||||
Assets | $ 4,467 | $ 2,085 | ||
Liabilities | 450,285 | 469,032 | ||
Net position Asset/(Liability) | $ (10,409,672) | $ (445,818) | $ (13,020,070) | $ (466,947) |
Exchange rate | 23.3496 | 23.3496 | 27.8834 | 27.8834 |
Yen | ||||
Monetary assets and liabilities denominated in foreign currency [line items] | ||||
Assets | $ 0 | $ 0 | ||
Liabilities | 110,180,315 | 110,178,061 | ||
Net position Asset/(Liability) | $ (16,196,506) | $ (110,180,315) | $ (19,710,855) | $ (110,178,061) |
Exchange rate | 0.1470 | 0.1470 | 0.1789 | 0.1789 |
Swiss francs | ||||
Monetary assets and liabilities denominated in foreign currency [line items] | ||||
Assets | $ 0 | $ 0 | ||
Liabilities | 365,554 | 365,348 | ||
Net position Asset/(Liability) | $ (7,668,994) | $ (365,554) | $ (8,254,088) | $ (365,348) |
Exchange rate | 20.9791 | 20.9791 | 22.5924 | 22.5924 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | Dec. 31, 2019 MXN ($) |
Cash and cash equivalents [abstract] | ||||||
Cash on hand and in banks | $ 41,316,304 | $ 41,520,864 | ||||
Highly liquid investments | 23,098,207 | 34,985,583 | ||||
Cash and cash equivalents | $ 3,317,890 | $ 64,414,511 | $ 3,940,727 | $ 76,506,447 | $ 39,989,781 | $ 60,621,631 |
Cash and Cash Equivalents - S_2
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Parenthetical) (Detail) $ in Thousands | Dec. 31, 2021 MXN ($) |
Cash | |
Statement [line items] | |
Assets of benefit plan | $ 15,461,286 |
Customers and Other Financing_3
Customers and Other Financing and Non-Financing Accounts Receivable - Summary of Accounts Receivable and Other Receivables (Detail) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and Other Receivables [Line Items] | ||
Total customers, net | $ 107,117,145 | $ 101,259,081 |
Domestic customers, net | ||
Trade and Other Receivables [Line Items] | ||
Total customers, net | 69,979,713 | 54,031,475 |
Export customers, net | ||
Trade and Other Receivables [Line Items] | ||
Total customers, net | $ 37,137,432 | $ 47,227,606 |
Customers and Other Financing_4
Customers and Other Financing and Non-Financing Accounts Receivable - Schedule of Breakdown of Accounts Receivable Based on Credit History (Detail) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Domestic customers, net | ||
Trade and Other Receivables [Line Items] | ||
Total | $ 69,979,713 | $ 54,031,475 |
Domestic customers, net | Total | ||
Trade and Other Receivables [Line Items] | ||
Total | 75,617,469 | 57,490,538 |
Domestic customers, net | Current | ||
Trade and Other Receivables [Line Items] | ||
Total | 68,957,994 | 53,653,649 |
Domestic customers, net | 1 to 30 days | ||
Trade and Other Receivables [Line Items] | ||
Total | 1,386,538 | 876,782 |
Domestic customers, net | 31 to 60 days | ||
Trade and Other Receivables [Line Items] | ||
Total | 876,493 | 384,335 |
Domestic customers, net | 61 to 90 days | ||
Trade and Other Receivables [Line Items] | ||
Total | 527,907 | 46,924 |
Domestic customers, net | More than 90 days | ||
Trade and Other Receivables [Line Items] | ||
Total | 3,868,537 | 2,528,848 |
Domestic customers, net | Impaired (reserved) | ||
Trade and Other Receivables [Line Items] | ||
Total | (5,637,756) | (3,459,063) |
Export customers, net | ||
Trade and Other Receivables [Line Items] | ||
Total | 37,137,432 | 47,227,606 |
Export customers, net | Total | ||
Trade and Other Receivables [Line Items] | ||
Total | 37,328,211 | 47,510,523 |
Export customers, net | Current | ||
Trade and Other Receivables [Line Items] | ||
Total | 34,697,823 | 41,549,673 |
Export customers, net | 1 to 30 days | ||
Trade and Other Receivables [Line Items] | ||
Total | 1,186,553 | 4,980,175 |
Export customers, net | 31 to 60 days | ||
Trade and Other Receivables [Line Items] | ||
Total | 15,010 | 12,227 |
Export customers, net | 61 to 90 days | ||
Trade and Other Receivables [Line Items] | ||
Total | 6,117 | 47,016 |
Export customers, net | More than 90 days | ||
Trade and Other Receivables [Line Items] | ||
Total | 1,422,708 | 921,432 |
Export customers, net | Impaired (reserved) | ||
Trade and Other Receivables [Line Items] | ||
Total | $ (190,779) | $ (282,917) |
Customers and Other Financing_5
Customers and Other Financing and Non-Financing Accounts Receivable - Summary of Reconciliation for Impaired Accounts Receivable (Detail) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Domestic customers | |||
Trade and Other Receivables [Line Items] | |||
Balance at the beginning of the year | $ (3,459,063) | $ (1,182,729) | $ (1,100,186) |
Impairment of accounts receivable | (2,178,693) | (2,276,334) | (82,543) |
Balance at the end of the year | (5,637,756) | (3,459,063) | (1,182,729) |
Export customers | |||
Trade and Other Receivables [Line Items] | |||
Balance at the beginning of the year | (282,917) | (211,363) | (182,823) |
(Increase) cancellation | 143,689 | (72,761) | (20,353) |
Translation effects | (51,551) | 1,207 | (8,187) |
Balance at the end of the year | $ (190,779) | $ (282,917) | $ (211,363) |
Customers and Other Financing_6
Customers and Other Financing and Non-Financing Accounts Receivable - Additional Information (Detail) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Trade and Other Receivables [Line Items] | |||
Credit loss experience period | 2 years | ||
(Impairment) reversal of accounts receivables recognized in the income statement | $ 2,035,004 | $ 2,349,095 | $ 102,896 |
Financing Receivable, Individually Evaluated for Impairment | $ 251,086 | $ 210,672 | |
Pemex Industrial Transformation | |||
Trade and Other Receivables [Line Items] | |||
Expected percentage of credit loss for accounts receivable | 7.36% | 5.09% | |
Pemex corporate | |||
Trade and Other Receivables [Line Items] | |||
Expected percentage of credit loss for accounts receivable | 3.87% | 2.99% | |
Pemex Logistics | |||
Trade and Other Receivables [Line Items] | |||
Expected percentage of credit loss for accounts receivable | 0.88% | 0.58% | |
PMI CIM | |||
Trade and Other Receivables [Line Items] | |||
Expected percentage of credit loss for accounts receivable | 0.16% | 0.01% | |
PMI TRD | |||
Trade and Other Receivables [Line Items] | |||
Expected percentage of credit loss for accounts receivable | 0.13% | 0.80% |
Customers and Other Financing_7
Customers and Other Financing and Non-Financing Accounts Receivable - Summary of Other Accounts Receivable (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) |
Financial assets: | |||
Sundry debtors | $ 40,074,758 | $ 37,034,460 | |
Employees and officers | 4,965,645 | 3,752,693 | |
Total financial assets | 45,040,403 | 40,787,153 | |
Non-financial assets: | |||
Taxes to be recovered and prepaid taxes | 44,597,094 | 80,581,955 | |
Special Tax on Production and Services | 75,213,134 | 53,176,800 | |
Other accounts receivable | 2,911,791 | 2,591,360 | |
Total non-financial assets: | $ 6,321,218 | $ 122,722,019 | $ 136,350,115 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) |
Disclosure of Inventories [Line Items] | |||
Inventories | $ 6,491,009 | $ 126,018,397 | $ 86,113,142 |
Refined and petrochemicals products | |||
Disclosure of Inventories [Line Items] | |||
Inventories | 60,838,241 | 40,359,715 | |
Products in transit | |||
Disclosure of Inventories [Line Items] | |||
Inventories | 25,345,696 | 21,614,227 | |
Crude oil | |||
Disclosure of Inventories [Line Items] | |||
Inventories | 32,971,427 | 18,540,376 | |
Materials and products in stock | |||
Disclosure of Inventories [Line Items] | |||
Inventories | 6,171,040 | 5,036,587 | |
Materials in transit | |||
Disclosure of Inventories [Line Items] | |||
Inventories | 393,964 | 313,899 | |
Gas and condensate products | |||
Disclosure of Inventories [Line Items] | |||
Inventories | $ 298,029 | $ 248,338 |
Inventories - Summary of Inve_2
Inventories - Summary of Inventories (Parenthetical) (Detail) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of inventories [abstract] | |||
Inventories recognized as cost of sales | $ 1,115,363,647 | $ 500,000,961 | $ 315,288,507 |
Investments in Joint Ventures_3
Investments in Joint Ventures and Associates - Schedule of Investments in Joint Ventures and Associates (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | Dec. 31, 2022 MXN ($) | |
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | |||||
Investments in joint ventures and associates | $ 105,281 | $ 2,254,952 | $ 2,043,966 | ||
(Impairment) in joint venture DPRLP | $ 0 | $ 0 | 6,703,324 | $ 0 | |
Total | |||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | |||||
Investments in joint ventures and associates | 2,254,952 | 2,043,966 | |||
Total | 8,958,276 | 2,043,966 | |||
Deer Park Refining Limited | |||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | |||||
Percentage of investment | 49.995% | 49.995% | |||
Investments in joint ventures and associates | 6,703,324 | 0 | |||
(Impairment) in joint venture DPRLP | $ 0 | $ (6,703,324) | |||
Percentage of investments in subsidiaries, joint ventures, and associates | 49.995% | ||||
Percentage of investments in subsidiaries joint ventures and associates | 49.995% | 49.995% | |||
Frontera Brownsville, LLC. | |||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | |||||
Percentage of investment | 50% | 50% | |||
Investments in joint ventures and associates | $ 456,503 | 410,097 | |||
Percentage of investments in subsidiaries joint ventures and associates | 50% | 50% | |||
Texas Frontera, LLC. | |||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | |||||
Percentage of investment | 50% | 50% | |||
Investments in joint ventures and associates | 195,814 | 185,967 | |||
Percentage of investments in subsidiaries joint ventures and associates | 50% | 50% | |||
CH 4 Energía, S. A. de C.V. | |||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | |||||
Percentage of investment | 50% | 50% | |||
Investments in joint ventures and associates | 174,321 | 170,188 | |||
Percentage of investments in subsidiaries joint ventures and associates | 50% | 50% | |||
DPRLP | |||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | |||||
Percentage of investment | 100% | 100% | |||
Percentage of investments in subsidiaries joint ventures and associates | 100% | 100% | |||
Administración Portuaria Integral de Dos Bocas, S. A. de C.V. | |||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | |||||
Percentage of investment | 40% | 40% | |||
Investments in joint ventures and associates | 110,344 | 91,537 | |||
Percentage of investments in subsidiaries joint ventures and associates | 40% | 40% | |||
Sierrita Gas Pipeline LLC | |||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | |||||
Percentage of investment | 35% | 35% | |||
Investments in joint ventures and associates | 1,187,170 | 1,051,626 | |||
Percentage of investments in subsidiaries joint ventures and associates | 35% | 35% | |||
Other, net | |||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | |||||
Investments in joint ventures and associates | $ 130,800 | $ 134,551 |
Investments in Joint Ventures_4
Investments in Joint Ventures and Associates - Schedule (Loss) profit Sharing in Joint Ventures and Associates (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Disclosure of Investments in Associates and Other [Line Items] | ||||
Profit (loss) sharing in joint ventures and associates, net | $ 17,997 | $ 349,401 | $ (3,088,107) | $ (3,540,533) |
Administración Portuaria Integral de Dos Bocas, S. A. de C.V. | ||||
Disclosure of Investments in Associates and Other [Line Items] | ||||
Profit (loss) sharing in joint ventures and associates, net | (18,807) | (97,809) | 42,782 | |
Sierrita Gas Pipeline LLC | ||||
Disclosure of Investments in Associates and Other [Line Items] | ||||
Profit (loss) sharing in joint ventures and associates, net | 188,329 | 200,260 | 182,805 | |
Other, net | ||||
Disclosure of Investments in Associates and Other [Line Items] | ||||
Profit (loss) sharing in joint ventures and associates, net | 102,559 | 95,211 | 178,469 | |
Deer Park Refining Limited | ||||
Disclosure of Investments in Associates and Other [Line Items] | ||||
Profit (loss) sharing in joint ventures and associates, net | 0 | (3,374,314) | (4,056,037) | |
Frontera Brownsville, LLC. | ||||
Disclosure of Investments in Associates and Other [Line Items] | ||||
Profit (loss) sharing in joint ventures and associates, net | 18,632 | 34,670 | 55,738 | |
CH4 Energía S.A. de C.V. | ||||
Disclosure of Investments in Associates and Other [Line Items] | ||||
Profit (loss) sharing in joint ventures and associates, net | 39,367 | 32,983 | 21,224 | |
Texas Frontera, LLC. | ||||
Disclosure of Investments in Associates and Other [Line Items] | ||||
Profit (loss) sharing in joint ventures and associates, net | $ 19,321 | $ 20,892 | $ 34,486 |
Investments in Joint Ventures_5
Investments in Joint Ventures and Associates - Schedule of Condensed Financial Information of Major Investments Recognized Under the Equity Method (Joint Venture) (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2019 MXN ($) | |
Condensed statements of financial position | ||||||||
Cash and cash equivalents | $ 3,317,890 | $ 39,989,781 | $ 64,414,511 | $ 3,940,727 | $ 76,506,447 | $ 60,621,631 | ||
Other current assets | 170,002 | 3,300,478 | 3,650,688 | |||||
Total current assets | 27,191,027 | 527,894,778 | 458,394,044 | |||||
Non-current assets | 88,474,128 | 1,717,663,266 | 1,593,704,127 | |||||
Total assets | 115,665,155 | 2,245,558,044 | 2,052,098,171 | |||||
Other current liabilities | 463,789,575 | 430,364,717 | ||||||
Total current liabilities | 47,889,300 | 929,737,258 | 922,648,330 | |||||
Other liabilities | 606,625 | 11,777,226 | 10,778,904 | |||||
Total liabilities | 206,774,399 | 4,014,380,269 | 4,222,098,954 | |||||
Total equity | (91,109,244) | (2,404,727,030) | (1,768,822,225) | (2,170,000,783) | $ (1,931,409,302) | |||
Total liabilities and equity (deficit) | 115,665,155 | $ 2,245,558,044 | 2,052,098,171 | |||||
Condensed statements of comprehensive income | ||||||||
Sales and other income | 122,764,576 | $ 2,383,388,309 | $ 1,495,628,620 | 953,661,844 | ||||
Depreciation and amortization | 139,771,815 | 133,431,365 | 129,631,820 | |||||
Interest paid | 139,528,079 | 151,713,068 | 143,117,956 | |||||
Total income taxes and duties | 16,492,010 | 320,180,839 | 307,348,122 | 185,572,075 | ||||
Net result | $ 5,150,763 | $ 99,998,470 | (294,775,877) | (509,052,065) | ||||
Deer Park Refining Limited | ||||||||
Condensed statements of financial position | ||||||||
Cash and cash equivalents | 16,961 | |||||||
Other current assets | 2,747,712 | |||||||
Total current assets | 2,764,673 | |||||||
Non-current assets | 43,991,962 | |||||||
Total assets | 46,756,635 | |||||||
Current financial liabilities | 20,056,315 | |||||||
Other current liabilities | 1,040,825 | |||||||
Total current liabilities | 21,097,140 | |||||||
Non-current financial liabilities | 11,000,707 | |||||||
Other liabilities | 1,250,799 | |||||||
Non-current liabilities | 12,251,506 | |||||||
Total liabilities | 33,348,646 | |||||||
Total equity | 13,407,989 | |||||||
Total liabilities and equity (deficit) | $ 46,756,635 | |||||||
Condensed statements of comprehensive income | ||||||||
Sales and other income | 10,706,417 | 8,114,474 | ||||||
Costs and expenses | 12,539,324 | 10,770,248 | ||||||
Depreciation and amortization | 4,223,056 | 4,776,575 | ||||||
Interest paid | 684,673 | 674,504 | ||||||
Total income taxes and duties | 8,660 | 6,028 | ||||||
Net result | $ (6,749,296) | $ (8,112,881) |
Investments in Joint Ventures_6
Investments in Joint Ventures and Associates - Schedule of Condensed Financial Information of Major Investments Recognized Under the Equity Method (Associates) (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2019 MXN ($) | |
Investment In Joint Ventures Accounted For Using Equity Method [line items] | ||||||
Current assets | $ 27,191,027 | $ 458,394,044 | $ 527,894,778 | |||
Non-current assets | 88,474,128 | 1,593,704,127 | 1,717,663,266 | |||
Total assets | 115,665,155 | 2,052,098,171 | 2,245,558,044 | |||
Current liabilities | 47,889,300 | 922,648,330 | 929,737,258 | |||
Total liabilities | 206,774,399 | 4,222,098,954 | 4,014,380,269 | |||
Total equity | (91,109,244) | (2,170,000,783) | $ (2,404,727,030) | (1,768,822,225) | $ (1,931,409,302) | |
Total liabilities and equity | 115,665,155 | 2,052,098,171 | 2,245,558,044 | |||
Sales and other income | 122,764,576 | $ 2,383,388,309 | 1,495,628,620 | 953,661,844 | ||
Net result | $ 5,150,763 | 99,998,470 | (294,775,877) | (509,052,065) | ||
Sierrita Gas Pipeline LLC | ||||||
Investment In Joint Ventures Accounted For Using Equity Method [line items] | ||||||
Current assets | 134,266 | 144,229 | ||||
Non-current assets | 3,354,987 | 2,992,861 | ||||
Total assets | 3,489,253 | 3,137,090 | ||||
Current liabilities | 97,339 | 132,444 | ||||
Total liabilities | 97,339 | 132,444 | ||||
Total equity | 3,391,914 | 3,004,646 | ||||
Total liabilities and equity | 3,489,253 | $ 3,137,090 | ||||
Sales and other income | 949,075 | 957,549 | 942,024 | |||
Costs and expenses | 410,993 | 385,376 | 419,729 | |||
Net result | $ 538,082 | $ 572,173 | $ 522,295 |
Investments in Joint Ventures_7
Investments in Joint Ventures and Associates - Additional Information (Detail) $ in Thousands, $ in Thousands | 11 Months Ended | 12 Months Ended | |||||||||||||
Jan. 20, 2022 USD ($) | Jan. 20, 2022 MXN ($) | Jul. 27, 2010 tank Barrels | Mar. 31, 1993 Barrels | Dec. 31, 2022 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | Dec. 31, 2022 MXN ($) | Jan. 31, 2022 USD ($) | Jan. 31, 2022 MXN ($) | Jan. 20, 2022 MXN ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 MXN ($) | |
Disclosure of Investments in Associates and Other [Line Items] | |||||||||||||||
Impairment of joint ventures | $ 0 | $ 0 | $ (6,703,324) | $ 0 | |||||||||||
Investments in joint ventures and associates | 105,281 | $ 2,043,966 | $ 2,254,952 | ||||||||||||
Current portion of long-term debt | $ 24,000,231 | 465,947,683 | 492,283,613 | ||||||||||||
Deer Park | |||||||||||||||
Disclosure of Investments in Associates and Other [Line Items] | |||||||||||||||
Cash paid to Shell | $ 326,609 | $ 6,663,803 | |||||||||||||
Acquisition-related costs recognised as expense | 7,091 | $ 145,937 | |||||||||||||
Gain recognised in bargain purchase transaction | $ 62,304 | 1,271,188 | |||||||||||||
Revenue of acquiree since acquisition date | $ 238,940,945 | ||||||||||||||
Profit (loss) of acquiree since acquisition date | $ 20,905,292 | ||||||||||||||
Increase (decrease) through net exchange differences, investment property | $ (10,383,296) | ||||||||||||||
PMI NASA | Deer Park | |||||||||||||||
Disclosure of Investments in Associates and Other [Line Items] | |||||||||||||||
Percentage of partner loan repayment | 100% | 100% | |||||||||||||
Cash paid to Shell | $ 60,157 | $ 1,227,383 | |||||||||||||
Equity interests of acquirer | 266,452 | $ 5,436,420 | |||||||||||||
Line of credit facility principle payment | 325,000 | 6,630,975 | |||||||||||||
Line of credit facility interest payment | $ 1,609 | $ 32,828 | |||||||||||||
FONADIN | |||||||||||||||
Disclosure of Investments in Associates and Other [Line Items] | |||||||||||||||
Amounts receivable, related party transactions | $ 1,127,285 | $ 23,000,000 | |||||||||||||
Current portion of long-term debt | $ 436,000 | $ 8,974,406 | |||||||||||||
Deer Park Refining Limited | |||||||||||||||
Disclosure of Investments in Associates and Other [Line Items] | |||||||||||||||
Impairment of joint ventures | $ (6,703,324) | ||||||||||||||
Acquired percentage | 50.005% | 50.005% | 50.005% | ||||||||||||
Investments in joint ventures and associates | 0 | $ 6,703,324 | |||||||||||||
Percentage of investment | 49.995% | 49.995% | |||||||||||||
Fair value of investments in joint venture for which there are quoted market prices, assuming one hundred percent interest in joint venture | $ 1,192,000 | ||||||||||||||
Fair value of investments in joint ventures | $ 596,000 | ||||||||||||||
Deer Park Refining Limited | PMI NASA | |||||||||||||||
Disclosure of Investments in Associates and Other [Line Items] | |||||||||||||||
Acquired percentage | 49.995% | ||||||||||||||
Installed capacity of crude oil per day | Barrels | 340,000 | ||||||||||||||
Texas Frontera, LLC. | |||||||||||||||
Disclosure of Investments in Associates and Other [Line Items] | |||||||||||||||
Investments in joint ventures and associates | $ 185,967 | $ 195,814 | |||||||||||||
Number of tanks | tank | 7 | ||||||||||||||
Number of barrels in each tanks | Barrels | 120,000 | ||||||||||||||
Texas Frontera, LLC. | PMI SUS | |||||||||||||||
Disclosure of Investments in Associates and Other [Line Items] | |||||||||||||||
Acquired percentage | 50% |
Investments In Joint Ventures_8
Investments In Joint Ventures and Associates - Summary of Business Acquisition Consideration Transferred (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Jan. 20, 2022 MXN ($) | Jan. 20, 2022 USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 20, 2022 USD ($) | |
Deer Park Refining Limited | |||||
Disclosure of detailed information about business combination [line items] | |||||
Acquired percentage | 50.005% | 50.005% | |||
Deer Park | |||||
Disclosure of detailed information about business combination [line items] | |||||
Cash paid to Shell | $ 8,597,743 | $ 421,396 | |||
Payment of debt to third parties | 18,289,066 | 896,391 | |||
Payment of DPRLP’s debt to company partners | 3,496,054 | 171,350 | |||
Total consideration paid in cash | 30,382,863 | $ 1,489,137 | |||
Settlement of pre-existing relationship | 6,663,803 | $ 326,609 | |||
Total consideration paid in cash and settlement of pre-existing relationship | $ 37,046,666 | $ 1,815,746 |
Investments In Joint Ventures_9
Investments In Joint Ventures and Associates - Summary Of Fair Value of Identifiable Assets Acquired (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 MXN ($) | Dec. 31, 2022 USD ($) | Jan. 20, 2022 MXN ($) |
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract] | |||
Cash and cash equivalents | $ 1,597,759 | $ 78,310 | |
Inventories | 6,918,473 | 339,091 | |
Other current assets | 131,661 | 6,453 | |
Total current Assets | 8,647,893 | 423,854 | |
Property, Plant and Equipment | 29,669,961 | 1,454,196 | $ 29,669,961 |
Total identifiable net assets acquired | $ 38,317,854 | $ 1,878,050 |
Investments In Joint Venture_10
Investments In Joint Ventures and Associates - Summary Of Bargain Purchase (Detail) $ in Thousands, $ in Thousands | Jan. 20, 2022 MXN ($) | Jan. 20, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2022 USD ($) | Jan. 20, 2022 USD ($) |
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | |||||
Fair value of the identifiable net assets acquired | $ 38,317,854 | $ 1,878,050 | |||
Deer Park | |||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | |||||
Total consideration transferred | $ 37,046,666 | $ 1,815,746 | |||
Fair value of the identifiable net assets acquired | (38,317,854) | $ (1,878,050) | |||
Gain on bargain purchase | $ (1,271,188) | $ (62,304) |
Wells, Pipelines, Properties,_3
Wells, Pipelines, Properties, Plant and Equipment, Net - Property, Plant and Equipment (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | $ 1,274,532,607 | |||
Translation effect | (14,982,766) | $ 2,477,528 | $ 490,203 | |
Ending balance | $ 70,502,199 | 1,368,750,850 | 1,274,532,607 | |
Investment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 3,811,116,522 | 3,380,637,120 | ||
Acquisitions | 356,234,166 | 180,344,668 | ||
Reclassifications | 49,459,864 | 905,862 | ||
Impairment presentation | 378,759,158 | |||
Capitalization | 0 | 0 | ||
Disposals | (47,261,532) | (129,530,286) | ||
Translation effect | (19,292,925) | |||
Ending balance | 4,150,256,095 | 3,811,116,522 | 3,380,637,120 | |
Accumulated depreciation and amortization | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (2,536,583,915) | (2,104,507,599) | ||
Depreciation and amortization | (139,771,815) | (133,431,365) | ||
Reclassifications | (49,459,864) | (905,862) | ||
Impairment presentation | (378,759,158) | |||
(Impairment) | (217,569,251) | (157,861,308) | ||
Reversal of impairment | 134,031,230 | 156,650,713 | ||
Disposals | 23,538,211 | 82,230,664 | ||
Translation effect | 4,310,159 | |||
Ending balance | (2,781,505,245) | (2,536,583,915) | (2,104,507,599) | |
Plants | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 268,996,454 | |||
Ending balance | 264,393,026 | 268,996,454 | ||
Plants | Investment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 951,486,189 | 811,705,022 | ||
Acquisitions | 40,285,196 | 16,202,848 | ||
Reclassifications | 44,338,725 | 3,218,834 | ||
Impairment presentation | 113,522,135 | |||
Capitalization | 30,301,243 | 8,292,881 | ||
Disposals | (6,351,833) | (1,455,531) | ||
Translation effect | (6,222,641) | |||
Ending balance | 1,053,836,879 | 951,486,189 | 811,705,022 | |
Plants | Accumulated depreciation and amortization | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (682,489,735) | (520,582,198) | ||
Depreciation and amortization | (37,384,421) | (39,126,110) | ||
Reclassifications | (42,182,309) | (4,541,518) | ||
Impairment presentation | (113,522,135) | |||
(Impairment) | (108,615,658) | (43,670,755) | ||
Reversal of impairment | 73,048,067 | 38,499,016 | ||
Disposals | 4,535,971 | 453,965 | ||
Translation effect | 3,644,232 | |||
Ending balance | $ (789,443,853) | (682,489,735) | (520,582,198) | |
Plants | Bottom of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation rates | 3% | 3% | ||
Estimated useful lives | 20 years | 20 years | ||
Plants | Top of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation rates | 5% | 5% | ||
Estimated useful lives | 35 years | 35 years | ||
Drilling equipment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | $ 7,267,028 | |||
Ending balance | $ 8,247,351 | 7,267,028 | ||
Depreciation rates | 5% | 5% | ||
Estimated useful lives | 20 years | 20 years | ||
Drilling equipment | Investment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | $ 13,548,596 | 13,492,631 | ||
Acquisitions | 1,541,647 | 57,182 | ||
Reclassifications | 0 | 0 | ||
Impairment presentation | (1,217) | |||
Capitalization | 0 | 0 | ||
Disposals | (249,248) | 0 | ||
Translation effect | 0 | |||
Ending balance | 14,840,995 | 13,548,596 | 13,492,631 | |
Drilling equipment | Accumulated depreciation and amortization | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (6,281,568) | (5,902,442) | ||
Depreciation and amortization | (547,660) | (395,756) | ||
Reclassifications | 0 | 15,413 | ||
Impairment presentation | 1,217 | |||
(Impairment) | 0 | 0 | ||
Reversal of impairment | 0 | 0 | ||
Disposals | 235,584 | 0 | ||
Translation effect | 0 | |||
Ending balance | (6,593,644) | (6,281,568) | (5,902,442) | |
Pipelines | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 259,038,544 | |||
Ending balance | 229,242,117 | 259,038,544 | ||
Pipelines | Investment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 495,475,879 | 481,791,665 | ||
Acquisitions | 5,773,938 | 4,008,698 | ||
Reclassifications | 2,137,001 | (507,065) | ||
Impairment presentation | 24,292,290 | |||
Capitalization | 13,363,116 | 3,923,149 | ||
Disposals | (22,967,437) | (18,032,858) | ||
Translation effect | (98,865) | |||
Ending balance | 493,683,632 | 495,475,879 | 481,791,665 | |
Pipelines | Accumulated depreciation and amortization | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (236,437,335) | (200,976,329) | ||
Depreciation and amortization | (15,409,615) | (16,731,217) | ||
Reclassifications | (2,841,608) | (90,202) | ||
Impairment presentation | (24,292,290) | |||
(Impairment) | (31,883,718) | (25,193,511) | ||
Reversal of impairment | 11,943,309 | 23,545,676 | ||
Disposals | 10,140,565 | 7,300,538 | ||
Translation effect | 46,887 | |||
Ending balance | $ (264,441,515) | (236,437,335) | (200,976,329) | |
Pipelines | Bottom of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation rates | 2% | 2% | ||
Estimated useful lives | 15 years | 15 years | ||
Pipelines | Top of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation rates | 7% | 7% | ||
Estimated useful lives | 45 years | 45 years | ||
Wells | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | $ 305,091,542 | |||
Ending balance | 326,301,631 | 305,091,542 | ||
Wells | Investment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 1,487,962,570 | 1,387,228,249 | ||
Acquisitions | 32,895,095 | 31,584,832 | ||
Reclassifications | 1,972,298 | 64,049 | ||
Impairment presentation | 121,070,386 | |||
Capitalization | 71,078,360 | 43,076,120 | ||
Disposals | (7,500,609) | (95,061,066) | ||
Translation effect | 0 | |||
Ending balance | 1,586,407,714 | 1,487,962,570 | 1,387,228,249 | |
Wells | Accumulated depreciation and amortization | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (1,182,871,028) | (1,081,366,803) | ||
Depreciation and amortization | (65,167,740) | (56,070,192) | ||
Reclassifications | (760,459) | (89,082) | ||
Impairment presentation | (121,070,386) | |||
(Impairment) | (41,479,729) | (62,151,433) | ||
Reversal of impairment | 25,541,788 | 72,569,176 | ||
Disposals | 4,631,085 | 65,307,692 | ||
Translation effect | 0 | |||
Ending balance | (1,260,106,083) | (1,182,871,028) | (1,081,366,803) | |
Buildings | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 24,855,535 | |||
Ending balance | 26,069,216 | 24,855,535 | ||
Buildings | Investment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 70,711,580 | 60,311,739 | ||
Acquisitions | 1,011,404 | 287,710 | ||
Reclassifications | 410,847 | 115 | ||
Impairment presentation | 9,817,972 | |||
Capitalization | 2,330,895 | 294,044 | ||
Disposals | (71,787) | 0 | ||
Translation effect | (527,227) | |||
Ending balance | 73,865,712 | 70,711,580 | 60,311,739 | |
Buildings | Accumulated depreciation and amortization | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (45,856,045) | (39,893,540) | ||
Depreciation and amortization | (1,830,509) | (1,846,486) | ||
Reclassifications | (410,767) | 5,701,953 | ||
Impairment presentation | (9,817,972) | |||
(Impairment) | (23,573) | 0 | ||
Reversal of impairment | 0 | 0 | ||
Disposals | 67,940 | 0 | ||
Translation effect | 256,458 | |||
Ending balance | $ (47,796,496) | (45,856,045) | (39,893,540) | |
Buildings | Bottom of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation rates | 3% | 3% | ||
Estimated useful lives | 33 years | 33 years | ||
Buildings | Top of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation rates | 7% | 7% | ||
Estimated useful lives | 35 years | 35 years | ||
Offshore platforms | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | $ 151,810,657 | |||
Ending balance | $ 126,171,120 | 151,810,657 | ||
Depreciation rates | 4% | 4% | ||
Estimated useful lives | 25 years | 25 years | ||
Offshore platforms | Investment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | $ 415,885,213 | 354,353,029 | ||
Acquisitions | 3,070,302 | 4,630,358 | ||
Reclassifications | 2,859,195 | (2,931,778) | ||
Impairment presentation | 67,305,005 | |||
Capitalization | 3,353,495 | 4,659,693 | ||
Disposals | (4,804,995) | (12,131,094) | ||
Translation effect | 0 | |||
Ending balance | 420,363,210 | 415,885,213 | 354,353,029 | |
Offshore platforms | Accumulated depreciation and amortization | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (264,074,556) | (204,238,464) | ||
Depreciation and amortization | (15,680,102) | (16,627,864) | ||
Reclassifications | (3,870,692) | 51,568 | ||
Impairment presentation | (67,305,005) | |||
(Impairment) | (33,606,850) | (5,503,546) | ||
Reversal of impairment | 20,099,267 | 20,727,844 | ||
Disposals | 2,940,843 | 8,820,911 | ||
Translation effect | 0 | |||
Ending balance | (294,192,090) | (264,074,556) | (204,238,464) | |
Furniture and equipment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 4,615,348 | |||
Ending balance | 4,877,254 | 4,615,348 | ||
Furniture and equipment | Investment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 49,310,555 | 48,829,010 | ||
Acquisitions | 1,625,384 | 974,167 | ||
Reclassifications | (2,483,052) | 2,049 | ||
Impairment presentation | (328,799) | |||
Capitalization | 3,449,069 | 152,540 | ||
Disposals | (560,452) | (318,412) | ||
Translation effect | (531,847) | |||
Ending balance | 50,809,657 | 49,310,555 | 48,829,010 | |
Furniture and equipment | Accumulated depreciation and amortization | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (44,695,207) | (43,336,870) | ||
Depreciation and amortization | (2,852,884) | (2,008,187) | ||
Reclassifications | 734,738 | 59,141 | ||
Impairment presentation | 328,799 | |||
(Impairment) | (18,121) | 0 | ||
Reversal of impairment | 0 | 0 | ||
Disposals | 549,592 | 261,910 | ||
Translation effect | 349,479 | |||
Ending balance | $ (45,932,403) | (44,695,207) | (43,336,870) | |
Furniture and equipment | Bottom of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation rates | 3% | 3% | ||
Estimated useful lives | 3 years | 3 years | ||
Furniture and equipment | Top of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation rates | 10% | 10% | ||
Estimated useful lives | 10 years | 10 years | ||
Transportation equipment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | $ 13,474,475 | |||
Ending balance | 13,633,385 | 13,474,475 | ||
Transportation equipment | Investment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 28,534,437 | 16,829,532 | ||
Acquisitions | 5,174,068 | 326,998 | ||
Reclassifications | (4,580,377) | 130,971 | ||
Impairment presentation | 6,303,440 | |||
Capitalization | 1,136,196 | 5,235,745 | ||
Disposals | (706,237) | (292,249) | ||
Translation effect | (260,670) | |||
Ending balance | 29,297,417 | 28,534,437 | 16,829,532 | |
Transportation equipment | Accumulated depreciation and amortization | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (15,059,962) | (8,210,953) | ||
Depreciation and amortization | (898,884) | (625,553) | ||
Reclassifications | (150,676) | 103,085 | ||
Impairment presentation | (6,303,440) | |||
(Impairment) | (4,244) | (108,749) | ||
Reversal of impairment | 0 | 0 | ||
Disposals | 436,631 | 85,648 | ||
Translation effect | 13,103 | |||
Ending balance | $ (15,664,032) | (15,059,962) | (8,210,953) | |
Transportation equipment | Bottom of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation rates | 4% | 4% | ||
Estimated useful lives | 5 years | 5 years | ||
Transportation equipment | Top of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation rates | 20% | 20% | ||
Estimated useful lives | 25 years | 25 years | ||
Construction in progress | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | $ 194,617,031 | |||
Ending balance | 316,690,455 | 194,617,031 | ||
Construction in progress | Investment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 253,435,510 | 161,870,424 | ||
Acquisitions | 256,362,994 | 122,214,783 | ||
Reclassifications | 4,805,227 | 127,142 | ||
Impairment presentation | 36,777,946 | |||
Capitalization | (125,429,126) | (65,840,388) | ||
Disposals | (3,646,240) | (1,714,397) | ||
Translation effect | (11,502,781) | |||
Ending balance | 374,025,584 | 253,435,510 | 161,870,424 | |
Construction in progress | Accumulated depreciation and amortization | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (58,818,479) | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Reclassifications | 21,909 | (2,116,220) | ||
Impairment presentation | (36,777,946) | |||
(Impairment) | (1,937,358) | (21,233,314) | ||
Reversal of impairment | 3,398,799 | 1,309,001 | ||
Disposals | 0 | 0 | ||
Translation effect | 0 | |||
Ending balance | (57,335,129) | (58,818,479) | 0 | |
Land | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 44,765,993 | |||
Ending balance | 53,125,295 | 44,765,993 | ||
Land | Investment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 44,765,993 | 44,225,819 | ||
Acquisitions | 8,494,138 | 57,092 | ||
Reclassifications | 0 | 276,866 | ||
Impairment presentation | 0 | |||
Capitalization | 416,752 | 206,216 | ||
Disposals | (402,694) | 0 | ||
Translation effect | (148,894) | |||
Ending balance | 53,125,295 | 44,765,993 | 44,225,819 | |
Land | Accumulated depreciation and amortization | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Reclassifications | 0 | 0 | ||
Impairment presentation | 0 | |||
(Impairment) | 0 | 0 | ||
Reversal of impairment | 0 | 0 | ||
Disposals | 0 | 0 | ||
Translation effect | 0 | |||
Ending balance | 0 | 0 | 0 | |
Unproductive fixed assets | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 0 | |||
Ending balance | 0 | 0 | ||
Unproductive fixed assets | Investment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 0 | 0 | ||
Acquisitions | 0 | |||
Reclassifications | 0 | 524,679 | ||
Impairment presentation | 0 | |||
Capitalization | 0 | |||
Disposals | 0 | (524,679) | ||
Translation effect | 0 | |||
Ending balance | 0 | 0 | 0 | |
Unproductive fixed assets | Accumulated depreciation and amortization | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Reclassifications | 0 | 0 | ||
Impairment presentation | 0 | |||
(Impairment) | 0 | 0 | ||
Reversal of impairment | 0 | 0 | ||
Disposals | 0 | 0 | ||
Translation effect | 0 | |||
Ending balance | $ 0 | $ 0 | $ 0 |
Wells, Pipelines, Properties,_4
Wells, Pipelines, Properties, Plant and Equipment, Net - Property, Plant and Equipment (Parenthetical) (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | Dec. 31, 2022 MXN ($) | Jan. 20, 2022 MXN ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Acquired assets | $ 1,454,196 | $ 29,669,961 | $ 29,669,961 | |||
Depreciation and amortization | $ 139,771,815 | $ 133,431,365 | $ 129,631,820 | |||
Plugging and abandonment cost | 224,327 | 143,779 | 2,731,317 | |||
Provisions for plugging wells | 70,144,756 | $ 66,699,388 | ||||
Transfers from wells unassigned to a reserve | 10,630,314 | 15,608,296 | 6,229,356 | |||
Translation effect | (14,982,766) | 2,477,528 | 490,203 | |||
(Impairment) of wells, pipelines, properties, plant and equipment, net | $ (4,302,912) | (83,538,021) | (1,210,595) | (36,353,700) | ||
Pemex Exploration and Production | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Financing cost | $ 4,580,836 | $ 3,106,007 | $ 3,893,248 | |||
Pemex Exploration and Production | Bottom of range | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Financing costs rates | 5.40% | 5.40% | 6.10% | 5.75% | ||
Pemex Exploration and Production | Top of range | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Financing costs rates | 7.80% | 7.80% | 7.05% | 7.08% | ||
Oil and gas production assets | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Plugging and abandonment cost | $ 113,656,994 | $ 108,509,633 | $ 101,339,417 |
Wells, Pipelines, Properties,_5
Wells, Pipelines, Properties, Plant and Equipment, Net - Summary of Net Impairment (Pemex Exploration and Production) (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
(Impairment) of wells, pipelines, properties, plant and equipment, net | $ (4,302,912) | $ (83,538,021) | $ (1,210,595) | $ (36,353,700) |
Pemex Exploration and Production | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
(Impairment) of wells, pipelines, properties, plant and equipment, net | (60,438,070) | 34,562,831 | 35,031,541 | |
Pemex Industrial Transformation | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
(Impairment) of wells, pipelines, properties, plant and equipment, net | (25,615,351) | (32,153,192) | (71,761,571) | |
Pemex Logistics | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
(Impairment) of wells, pipelines, properties, plant and equipment, net | 2,121,045 | (3,161,108) | 426,560 | |
PMI Azufre Industrial | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
(Impairment) of wells, pipelines, properties, plant and equipment, net | 0 | 0 | 42,214 | |
Gas Bienestar | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
(Impairment) of wells, pipelines, properties, plant and equipment, net | 0 | (282,452) | 0 | |
Pemex Fertilizers | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
(Impairment) of wells, pipelines, properties, plant and equipment, net | 0 | 0 | (92,444) | |
MGAS | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
(Impairment) of wells, pipelines, properties, plant and equipment, net | $ 394,355 | $ (176,674) | $ 0 |
Wells, Pipelines, Properties,_6
Wells, Pipelines, Properties, Plant and Equipment, Net - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2023 MXN ($) | Dec. 31, 2022 USD ($) billionBarrels Exchange_Rate MMBbls | Dec. 31, 2022 MXN ($) billionBarrels Exchange_Rate MMBbls | Dec. 31, 2021 MXN ($) Exchange_Rate billionBarrels MMBbls | Dec. 31, 2020 MXN ($) Exchange_Rate billionBarrels | Dec. 31, 2019 MXN ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
(Impairment) of wells, pipelines, properties, plant and equipment, net | $ (4,302,912) | $ (83,538,021,000) | $ (1,210,595,000) | $ (36,353,700,000) | ||
Millions of barrels of crude oil MMBPCE | MMBbls | 474.96 | 474.96 | 683.83 | |||
Impairment or reversal of impairment of fixed assets | $ 212,541,057,000 | $ 192,230,147,000 | $ 197,332,486,000 | |||
Subsequent event | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Reduction in reserves | 0.305 | |||||
Positive tax effect due to lower income in reserves | $ 4,943,649,000 | |||||
Cash generating units of fertilizers | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Pre-tax discount rate | 9.51% | |||||
Pemex Exploration and Production | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Exchange rate effect amount | $ 17,568,491,000 | $ 13,361,080,000 | ||||
Exchange rate | Exchange_Rate | 19.4143 | 19.4143 | 20.5835 | 19.9478 | ||
Pemex Exploration and Production | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
(Impairment) of wells, pipelines, properties, plant and equipment, net | $ (60,438,070,000) | $ 34,562,831,000 | $ 35,031,541,000 | |||
Total | (60,438,070,000) | 34,562,831,000 | 35,031,541,000 | |||
Negative effect from decrease in production | 258,263,054,000 | |||||
Exchange rate | 18.8452 | |||||
Positive effect from decrease in production | 157,896,123,000 | 143,823,094,000 | $ 50,763,557,000 | |||
Positive effect due to increase decrease in discount rate | $ 52,553,703,000 | $ 624,875,000 | ||||
Pre-tax discount rate | 9.31% | 9.31% | 6.89% | 6.23% | 6.18% | |
Decrease in production | $ 34,944,968,000 | |||||
Higher transportation and distribution costs | 67,992,525,000 | |||||
Negative tax effect due to higher income | 18,119,284,000 | |||||
Effect of increase decrease in volume of crude oil | $ 33,784,306,000 | |||||
Positive effect due to increase decrease in exchange rate amount | 3,844,410,000 | |||||
Increase in discount rate | 74,428,069,000 | |||||
Impairment or reversal of impairment of fixed assets | $ 226,574,049,000 | $ 376,570,683,000 | $ 301,905,067,000 | |||
Useful life | 25 years | 25 years | ||||
Production forecast | billionBarrels | 7,078,000 | 7,078,000 | 7,341,000 | 6,731,000 | ||
Pemex Industrial Transformation | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
(Impairment) of wells, pipelines, properties, plant and equipment, net | $ (25,615,351,000) | $ (32,153,192,000) | $ (71,761,571,000) | |||
Total | $ (25,615,351,000) | $ (32,153,192,000) | $ (71,761,571,000) | |||
Exchange rate | 0.1416 | 0.1416 | 0.0945 | 0.1083 | ||
Pemex Industrial Transformation | Refining | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Exchange rate | Exchange_Rate | 19.4143 | 19.4143 | 20.5835 | 19.9487 | ||
Pre-tax discount rate | 14.16% | 14.16% | 9.45% | 10.83% | ||
Percentage of decrease in discount rate | 1,994.87% | 1,884.52% | ||||
Pemex Industrial Transformation | Gas | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Exchange rate | Exchange_Rate | 19.4143 | 19.4143 | 20.5835 | 19.9487 | ||
Pre-tax discount rate | 13.20% | 13.20% | 10.15% | 9.76% | ||
Percentage of increase in discount rate | 0.46% | |||||
Pemex Industrial Transformation | Petrochemicals | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Exchange rate | Exchange_Rate | 19.4143 | 19.4143 | 20.5835 | 19.9487 | ||
Pre-tax discount rate | 10.73% | 10.73% | 8.63% | 9.76% | ||
Percentage of increase in discount rate | 1.15% | |||||
Pemex Industrial Transformation | Ethylene | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Exchange rate | Exchange_Rate | 19.4143 | 19.4143 | 20.5835 | 19.9487 | ||
Pre-tax discount rate | 10.73% | 10.73% | 8.63% | 8.29% | ||
Percentage of increase in discount rate | 0.26% | |||||
Pemex Industrial Transformation | Refined petroleum products | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Percentage of decrease in discount rate | 0.64% | |||||
Pemex Logistics | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
(Impairment) of wells, pipelines, properties, plant and equipment, net | $ 2,121,045,000 | $ (3,161,108,000) | $ 426,560,000 | |||
Pre-tax discount rate | 12.73% | 12.73% | 12.57% | 11.97% | ||
Impairment or reversal of impairment of fixed assets | $ (2,121,045,000) | $ 3,161,108,000 | $ (426,560,000) | |||
Pemex Fertilizers | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
(Impairment) of wells, pipelines, properties, plant and equipment, net | 0 | 0 | $ (92,444,000) | |||
Exchange rate | Exchange_Rate | 19.9487 | |||||
Pre-tax discount rate | 9.51% | |||||
Cantarell CGU, ATG, Ixtal Manik, Antonio J. Bermudez, Chuc | Pemex Exploration and Production | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Negative effect from decrease in production | $ 160,892,540,000 | |||||
Drilling equipment | Pemex Exploration and Production | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Impairment loss | $ 2,189,440,000 |
Wells, Pipelines, Properties,_7
Wells, Pipelines, Properties, Plant and Equipment, Net - Summary of Net (Impairment) Reversal of Impairment (CGUs Pemex Exploration and Production) (Detail) - Pemex Exploration and Production - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | $ (60,438,070) | $ 34,562,831 | $ 35,031,541 |
Cantarell | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (48,371,891) | (5,782,224) | 3,477,189 |
Chuc | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (6,517,953) | 26,962,488 | 8,348,556 |
Ixtal - Manik | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (6,042,806) | 481,673 | (481,672) |
Antonio J. Bermúdez | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (5,510,789) | (1,815,596) | (9,705,730) |
Aceite Terciario del Golfo | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (2,870,820) | 13,493,508 | 29,954,187 |
Tamaulipas Constituciones | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (2,333,354) | 684,766 | (2,819,337) |
Santuario El Golpe | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (1,454,789) | 0 | 0 |
Cárdenas-Mora | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (1,150,448) | 0 | 0 |
Lakach | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (648,846) | (705,781) | (1,269,083) |
Cuenca de Macuspana | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (281,770) | 38,939 | 735,920 |
Burgos | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 10,447,135 | (12,517,196) | 9,659,028 |
Tsimin Xux | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 2,268,459 | (4,600,480) | 3,920,244 |
Ébano (CEE) | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 1,298,911 | (1,281,396) | 0 |
Ogarrio Magallanes | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 530,061 | (530,061) | 0 |
Misión (CEE) | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 200,830 | (908,043) | (574,047) |
Crudo Ligero Marino | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 0 | 20,238,977 | (2,141,285) |
Arenque | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 0 | 803,257 | (803,256) |
Ayin - Alux | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | $ 0 | $ 0 | $ (3,269,173) |
Wells, Pipelines, Properties,_8
Wells, Pipelines, Properties, Plant and Equipment, Net - Assumptions to Determine NPV of Reserves (Pemex Exploration and Production) (Detail) - Pemex Industrial Transformation - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Average crude oil price | $ 59.37 | $ 56.60 | $ 52.96 |
Average gas price | 4.98 | 4.66 | 5.21 |
Average condensates price | $ 64.95 | $ 65.50 | $ 61.09 |
After-tax discount rate | 9.31% | 6.89% | 6.23% |
Pre-tax discount rate | 14.27% | 10.68% | 9.72% |
Wells, Pipelines, Properties,_9
Wells, Pipelines, Properties, Plant and Equipment, Net - Summary of Values in Use for CGU Impairment or Reversal (Pemex Exploration and Production) (Detail) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | $ 212,541,057 | $ 192,230,147 | $ 197,332,486 |
Pemex Exploration and Production | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 226,574,049 | 376,570,683 | 301,905,067 |
Pemex Exploration and Production | Chuc | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 58,826,338 | 86,217,289 | 35,037,408 |
Pemex Exploration and Production | Aceite Terciario del Golfo | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 44,910,967 | 75,544,451 | 38,617,385 |
Pemex Exploration and Production | Tsimin Xux | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 42,487,962 | 29,336,464 | 21,703,642 |
Pemex Exploration and Production | Ogarrio Magallanes | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 29,222,531 | 25,089,823 | 0 |
Pemex Exploration and Production | Crudo Ligero Marino | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 27,993,723 | 34,424,670 | 11,455,311 |
Pemex Exploration and Production | Burgos | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 13,254,788 | 4,403,791 | 16,003,831 |
Pemex Exploration and Production | Ixtal - Manik | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 10,377,668 | 23,071,621 | 10,361,747 |
Pemex Exploration and Production | Antonio J. Bermúdez | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 10,090,851 | 18,666,302 | 23,717,426 |
Pemex Exploration and Production | Arenque | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 5,307,805 | 5,920,659 | 5,296,420 |
Pemex Exploration and Production | Ébano (CEE) | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 4,857,880 | (7,573,109) | 0 |
Pemex Exploration and Production | Tamaulipas Constituciones | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 3,000,177 | 5,878,883 | 4,971,235 |
Pemex Exploration and Production | Cuenca de Macuspana | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 82,209 | 722,874 | 899,838 |
Pemex Exploration and Production | Misión (CEE) | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (493,897) | (101,442) | 832,234 |
Pemex Exploration and Production | Lakach | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (2,246,174) | (1,820,553) | (571,834) |
Pemex Exploration and Production | Cárdenas-Mora | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (3,909,463) | 4,893,697 | 0 |
Pemex Exploration and Production | Santuario El Golpe | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (4,082,727) | 17,225,366 | 0 |
Pemex Exploration and Production | Cantarell | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (13,106,589) | 54,669,897 | 121,968,126 |
Pemex Exploration and Production | Poza Rica | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 0 | 0 | 6,276,904 |
Pemex Exploration and Production | Costero | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | $ 0 | $ 0 | $ 5,335,394 |
Wells, Pipelines, Properties_10
Wells, Pipelines, Properties, Plant and Equipment, Net - Summary of Net Impairment by CGUs (Pemex Industrial Transformation) (Detail) - Pemex Industrial Transformation - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | $ (25,615,351) | $ (32,153,192) | $ (71,761,571) |
Minatitlán Refinery | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (17,502,044) | (4,678,358) | (37,432,704) |
Morelos Petrochemical Complex | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (7,512,584) | 365,522 | (2,350,704) |
Cangrejera Petrochemical Complex | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (6,419,084) | (1,115) | 0 |
Salamanca Refinery | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (5,819,013) | (2,187,781) | (5,386,525) |
Poza Rica Gas Processor Complex | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (3,656,338) | 0 | 0 |
Arenque Gas Processor Complex | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (199,943) | 0 | 0 |
Salina Cruz Refinery | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (101,943) | (3,263,118) | 0 |
Cadereyta Refinery | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | (68,460) | (2,195,115) | (2,083,755) |
Tula Refinery | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 9,757,714 | (6,446,357) | (2,820,750) |
Madero Refinery | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 5,244,262 | (13,216,073) | (18,412,688) |
Cosoleacaque Petrochemical Complex | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 630,486 | (726,631) | 0 |
Pajaritos Petrochemical Complex | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 31,596 | 195,834 | (1,484,489) |
Nuevo Pemex Gas Processor Complex | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 0 | 0 | (1,080,831) |
Ciudad Pemex Gas Processor Complex | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | $ 0 | $ 0 | $ (709,125) |
Wells, Pipelines, Properties_11
Wells, Pipelines, Properties, Plant and Equipment, Net - Assumptions to Determine NPV of Cash Flows (Details) - Pemex Industrial Transformation | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Exchange_Rate billionCubicMetersPerDay MMBbls | Dec. 31, 2021 USD ($) Exchange_Rate MMBbls | Dec. 31, 2020 USD ($) Exchange_Rate MXN ($) MMBbls | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Average crude oil Price (U.S.$) | $ | $ 59.37 | $ 56.60 | $ 52.96 |
Rate of U.S.$ | 0.1416 | 0.0945 | 0.1083 |
Refining | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Average crude oil Price (U.S.$) | $ | $ 68.79 | $ 60.4 | $ 48.89 |
Processed volume | MMBbls | 909 | 891 | 920 |
Rate of U.S.$ | 19.4143 | 20.5835 | 19.9487 |
Useful lives of the cash-generating units (year average) | 12 years | 11 years | 12 years |
Pre-tax discount rate | 14.16% | 9.45% | 10.83% |
Gas | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Processed volume | 2,061 | 2,148 | 2,134 |
Rate of U.S.$ | 19.4143 | 20.5835 | 19.9487 |
Useful lives of the cash-generating units (year average) | 7 years | 7 years | 7 years |
Pre-tax discount rate | 13.20% | 10.15% | 9.76% |
Petrochemicals | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Rate of U.S.$ | 19.4143 | 20.5835 | 19.9487 |
Useful lives of the cash-generating units (year average) | 5 years | 6 years | 7 years |
Pre-tax discount rate | 10.73% | 8.63% | 9.76% |
Ethylene | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Rate of U.S.$ | 19.4143 | 20.5835 | 19.9487 |
Useful lives of the cash-generating units (year average) | 5 years | 5 years | 6 years |
Pre-tax discount rate | 10.73% | 8.63% | 8.29% |
Fertilizers | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Rate of U.S.$ | 19.4143 | 20.5835 | |
Useful lives of the cash-generating units (year average) | 4 years | 5 years | |
Pre-tax discount rate | 13.25% | 9.96% |
Wells, Pipelines, Properties_12
Wells, Pipelines, Properties, Plant And Equipment, Net - Impairment of Fixed Assets (Detail) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | $ 212,541,057 | $ 192,230,147 | $ 197,332,486 |
Salina Cruz Refinery | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 49,725,087 | 31,909,325 | 30,422,588 |
Tula Refinery | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 48,695,398 | 39,815,742 | 34,829,922 |
Cadereyta Refinery | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 48,191,707 | 39,432,148 | 40,793,541 |
Nuevo Pemex Gas Processor Complex | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 31,708,026 | 0 | 0 |
Salamanca Refinery | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 17,799,786 | 51,998,803 | 44,777,784 |
Madero Refinery | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 10,279,749 | 0 | 6,799,072 |
Minatitlán Refinery | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 4,061,210 | 20,545,810 | 18,819,247 |
Cosoleacaque Petrochemical Complex | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 1,974,484 | 625,255 | 0 |
Arenque Gas Processor Complex | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 105,610 | 0 | 0 |
Cangrejera Ethylene Processor Complex | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | 0 | 0 | 11,493,567 |
Morelos Ethylene Processor Complex | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total | $ 0 | $ 7,903,064 | $ 9,396,765 |
Wells, Pipelines, Properties_13
Wells, Pipelines, Properties, Plant and Equipment, Net - Summary of Net (Impairment) Reversal of Impairment (CGUs Pemex Logistics) (Detail) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Reversal of impairment (impairment), net | $ (212,541,057) | $ (192,230,147) | $ (197,332,486) |
Pemex Logistics | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Reversal of impairment (impairment), net | 2,121,045 | (3,161,108) | 426,560 |
Construction in progress | Pemex Logistics | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Reversal of impairment (impairment), net | $ 2,121,045 | (2,927,035) | |
Vessel | Pemex Logistics | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Reversal of impairment (impairment), net | 303,516 | ||
Land and transport (white pipelines) | Pemex Logistics | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Reversal of impairment (impairment), net | $ (234,073) | $ 123,044 |
Wells, Pipelines, Properties_14
Wells, Pipelines, Properties, Plant and Equipment, Net - Summary of Discount Rates and Useful Lives (Details) - Exchange_Rate | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pemex Logistics | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Pre-tax discount rate | 12.73% | 12.57% | 11.97% |
Pemex Fertilizers | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Pre-tax discount rate | 9.51% | ||
Useful life | 22 years | ||
Exchange rate | 19.9487 | ||
Pipelines | Pemex Logistics | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Pre-tax discount rate | 12.73% | 12.57% | 11.97% |
Useful life | 19 years | 20 years | 22 years |
Land and transport (white pipelines) | Pemex Logistics | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Pre-tax discount rate | 12.73% | 12.57% | 11.97% |
Useful life | 2 years | 3 years | 5 years |
Vessel | Pemex Logistics | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Pre-tax discount rate | 12.73% | 12.57% | 11.97% |
Useful life | 16 years | 17 years | 19 years |
Wells, Pipelines, Properties_15
Wells, Pipelines, Properties, Plant and Equipment, Net - Recoverable Amounts of Assets (Details) - Pemex Logistics - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Pre-tax discount rate | 12.73% | 12.57% | 11.97% |
Total | $ 184,432,639 | $ 262,651,324 | $ 291,946,584 |
TAD, TDGL, TOMS (Storage terminals) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total | 66,431,256 | 76,522,522 | 95,169,597 |
Pipelines | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total | 43,707,101 | 113,847,249 | 88,740,662 |
Primary logistics | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total | $ 74,294,282 | $ 72,281,553 | $ 108,036,325 |
Wells, Pipelines, Properties_16
Wells, Pipelines, Properties, Plant and Equipment, Net - Additional Information (EECs) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Block 29 Cuenca del Sureste | Pemex Exploration and Production | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 100% |
Ek Balam Block | Pemex Exploration and Production | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 100% |
Block 2 Tampico Misantla | Pemex Exploration and Production | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 50% |
Block 8 Cuenca del Sureste | Pemex Exploration and Production | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 50% |
Block 16 of Tampico Misantla | Pemex Exploration and Production | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 40% |
Block 16 of Tampico Misantla | CEPSA E.P. Mxico S. de R.L. de C.V | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 20% |
Block 16 of Tampico Misantla | DEUTSCHE Erdoel Mxico S. de R.L. de C.V. | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 40% |
Block 17 of Tampico Misantla | Pemex Exploration and Production | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 40% |
Block 17 of Tampico Misantla | CEPSA E.P. Mxico S. de R.L. de C.V | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 20% |
Block 17 of Tampico Misantla | DEUTSCHE Erdoel Mxico S. de R.L. de C.V. | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 40% |
Block 18 of Tampico Misantla | Pemex Exploration and Production | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of production area | 80% |
Block 18 of Tampico Misantla | CEPSA E.P. Mxico S. de R.L. de C.V | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of production area | 20% |
Block 32 Cuenca del Sureste | Pemex Exploration and Production | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of production area | 50% |
Block 33 Cuenca del Sureste | Pemex Exploration and Production | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of production area | 50% |
Block 35 Cuenca del Sureste | Pemex Exploration and Production | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of production area | 50% |
Santuario El Golpe | Pemex Exploration and Production | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of production area | 64% |
Santuario El Golpe | PETROFAC | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of production area | 36% |
Mision Block | Pemex Exploration and Production | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of production area | 51% |
Mision Block | Servicios Mltiples de Burgos | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of production area | 49% |
Ébano | Pemex Exploration and Production | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of production area | 45% |
Ébano | Servicios Mltiples de Burgos | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of production area | 54.99% |
Ébano | D&S Petroleum S.A. de C.V. | Exploration and extraction contracts | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of production area | 0.01% |
Plegado Perdido Block Five | Pemex Exploration and Production | Licenses | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 100% |
Eighteen, Cordilleras Mexicanas | Pemex Exploration and Production | Licenses | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 100% |
Block 3 | Chevron | Licenses | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contract behalf | 37.50% |
Block 3 | Pemex Exploration and Production | Licenses | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contract behalf | 27.50% |
Block 3 | Inpex | Licenses | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contract behalf | 35% |
Plegado Perdido Block Two | Shell Exploracion y Extraccion de Mxico, S.A. de C.V. | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 50% |
Twenty Two Cuenca Salina | Chevron | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 37.50% |
Twenty Two Cuenca Salina | Pemex Exploration and Production | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 27.50% |
Twenty Two Cuenca Salina | Inpex | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 35% |
Trion | Pemex Exploration and Production | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 60% |
Trion | BHP Billiton | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 40% |
Cárdenas-Mora | Pemex Exploration and Production | Licenses | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 50% |
Cárdenas-Mora | Petrolera Cardenas Mora, S. A. P. I. de C. V. | Licenses | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 50% |
Ogarrio | Pemex Exploration and Production | Licenses | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 50% |
Ogarrio | DEA Erdoel | Licenses | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 50% |
Miquetla | Pemex Exploration and Production | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 49% |
Miquetla | Operadora de Campos DWF, S.A. de C.V. | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of contractual area | 51% |
Wells, Pipelines, Properties_17
Wells, Pipelines, Properties, Plant and Equipment, Net - Condensed Statement of Comprehensive Income and Statement of Financial Position (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2019 MXN ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Net sales | $ 122,764,576 | $ 2,383,388,309 | $ 1,495,628,620 | $ 953,661,844 | ||||
Total duties, taxes and other | 320,180,839 | 307,348,122 | 185,572,075 | |||||
Cost of sales | 87,490,305 | 1,698,563,022 | 1,066,650,702 | 832,614,690 | ||||
Gross income (loss) | 30,971,359 | 601,287,266 | 427,767,323 | 84,693,454 | ||||
Other income (loss), net | 14,355,520 | (33,368,630) | 10,574,132 | |||||
Operating income (loss) | 22,944,874 | 445,458,684 | 228,927,832 | (63,063,100) | ||||
Total income taxes and duties | 16,492,010 | 320,180,839 | 307,348,122 | 185,572,075 | ||||
Net income (loss) | 5,150,763 | 99,998,470 | $ (294,775,877) | (509,052,065) | ||||
Cash and cash equivalents | 3,317,890 | 39,989,781 | $ 64,414,511 | $ 3,940,727 | $ 76,506,447 | $ 60,621,631 | ||
Accounts receivable | 5,517,435 | 107,117,145 | 101,259,081 | |||||
Total current assets | 27,191,027 | 527,894,778 | 458,394,044 | |||||
Wells, pipelines, properties, plant and equipment, net | 70,502,199 | 1,368,750,850 | 1,274,532,607 | |||||
Other assets | 1,581,449 | 30,702,725 | 39,112,930 | |||||
Total assets | 115,665,155 | 2,245,558,044 | 2,052,098,171 | |||||
Suppliers | 14,538,008 | 282,245,250 | 264,056,358 | |||||
Taxes and duties payable | 3,647,484 | 70,813,355 | 112,753,591 | |||||
Other current liabilities | 463,789,575 | 430,364,717 | ||||||
Deferred income taxes | 353,607 | 6,865,025 | 3,341,350 | |||||
Total liabilities | 206,774,399 | 4,014,380,269 | 4,222,098,954 | |||||
Total equity (deficit) | $ (91,109,244) | $ (2,404,727,030) | (1,768,822,225) | $ (2,170,000,783) | $ (1,931,409,302) | |||
EK-Balam | Production-sharing contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Net sales | 19,256,552 | |||||||
Cost of sales | 5,802,059 | |||||||
Gross income (loss) | 13,454,493 | |||||||
Other income (loss), net | 28,255 | |||||||
Administrative expenses | 274 | |||||||
Operating income (loss) | 13,482,474 | |||||||
Total income taxes and duties | 4,908,531 | |||||||
Net income (loss) | 8,573,943 | |||||||
Accounts receivable | 70,044,445 | |||||||
Total current assets | 70,044,445 | |||||||
Wells, pipelines, properties, plant and equipment, net | 28,124,354 | |||||||
Total assets | 98,168,799 | |||||||
Suppliers | 14,090,553 | |||||||
Taxes and duties payable | 537,063 | |||||||
Other current liabilities | 4,700,634 | |||||||
Deferred income taxes | 4,284,410 | |||||||
Total liabilities | 23,612,660 | |||||||
Total equity (deficit) | 65,982,196 | |||||||
Block 2 | Production-sharing contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Cost of sales | 103,938 | |||||||
Gross income (loss) | (103,938) | |||||||
Other income (loss), net | (9,300) | |||||||
Operating income (loss) | (113,238) | |||||||
Net income (loss) | (113,238) | |||||||
Cash and cash equivalents | 198,344 | |||||||
Accounts receivable | 284,298 | |||||||
Total current assets | 482,642 | |||||||
Other assets | 12,111 | |||||||
Total assets | 494,753 | |||||||
Suppliers | 11,241 | |||||||
Taxes and duties payable | 968 | |||||||
Other current liabilities | 896,333 | |||||||
Total liabilities | 908,542 | |||||||
Total equity (deficit) | (300,551) | |||||||
Block 2 | License contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Cost of sales | 127,366 | |||||||
Gross income (loss) | (127,366) | |||||||
Operating income (loss) | (127,366) | |||||||
Net income (loss) | (127,366) | |||||||
Accounts receivable | 157,640 | |||||||
Total current assets | 157,640 | |||||||
Total assets | 157,640 | |||||||
Suppliers | 390,009 | |||||||
Other current liabilities | 201,321 | |||||||
Total liabilities | 591,330 | |||||||
Total equity (deficit) | (306,324) | |||||||
Block 8 | Production-sharing contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Cost of sales | 51,069 | |||||||
Gross income (loss) | (51,069) | |||||||
Other income (loss), net | (3,425) | |||||||
Operating income (loss) | (54,494) | |||||||
Net income (loss) | (54,494) | |||||||
Cash and cash equivalents | 74,011 | |||||||
Accounts receivable | 56,568 | |||||||
Total current assets | 130,579 | |||||||
Total assets | 130,579 | |||||||
Suppliers | 10,031 | |||||||
Taxes and duties payable | 1,223 | |||||||
Other current liabilities | 487,011 | |||||||
Total liabilities | 498,265 | |||||||
Total equity (deficit) | (313,192) | |||||||
Block 16 | Production-sharing contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Cost of sales | 35,832 | |||||||
Gross income (loss) | (35,832) | |||||||
Operating income (loss) | (35,832) | |||||||
Net income (loss) | (35,832) | |||||||
Accounts receivable | 35,105 | |||||||
Total current assets | 35,105 | |||||||
Total assets | 35,105 | |||||||
Suppliers | 78,075 | |||||||
Other current liabilities | 61,851 | |||||||
Total liabilities | 139,926 | |||||||
Total equity (deficit) | (68,989) | |||||||
Block 17 | Production-sharing contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Cost of sales | 38,675 | |||||||
Gross income (loss) | (38,675) | |||||||
Operating income (loss) | (38,675) | |||||||
Net income (loss) | (38,675) | |||||||
Accounts receivable | 15,867 | |||||||
Total current assets | 15,867 | |||||||
Total assets | 15,867 | |||||||
Suppliers | 76,201 | |||||||
Other current liabilities | 50,871 | |||||||
Total liabilities | 127,072 | |||||||
Total equity (deficit) | (72,530) | |||||||
Block 18 | Production-sharing contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Cost of sales | 73,599 | |||||||
Gross income (loss) | (73,599) | |||||||
Operating income (loss) | (73,599) | |||||||
Net income (loss) | (73,599) | |||||||
Cash and cash equivalents | 123,294 | |||||||
Accounts receivable | 36,961 | |||||||
Total current assets | 160,255 | |||||||
Total assets | 160,255 | |||||||
Suppliers | 738 | |||||||
Taxes and duties payable | 1,643 | |||||||
Other current liabilities | 446,951 | |||||||
Total liabilities | 449,332 | |||||||
Total equity (deficit) | (215,478) | |||||||
Block 18 | License contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Cost of sales | 71,444 | |||||||
Gross income (loss) | (71,444) | |||||||
Operating income (loss) | (71,444) | |||||||
Net income (loss) | (71,444) | |||||||
Cash and cash equivalents | 114,901 | |||||||
Accounts receivable | 36,291 | |||||||
Total current assets | 151,192 | |||||||
Total assets | 151,192 | |||||||
Suppliers | 99,996 | |||||||
Taxes and duties payable | 5,893 | |||||||
Other current liabilities | 477,335 | |||||||
Total liabilities | 583,224 | |||||||
Total equity (deficit) | (360,588) | |||||||
Block 29 | Production-sharing contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Cost of sales | 29,134 | |||||||
Gross income (loss) | (29,134) | |||||||
Operating income (loss) | (29,134) | |||||||
Net income (loss) | (29,134) | |||||||
Cash and cash equivalents | 98,436 | |||||||
Accounts receivable | 1,139,578 | |||||||
Total current assets | 1,238,014 | |||||||
Total assets | 1,238,014 | |||||||
Suppliers | 14,423 | |||||||
Taxes and duties payable | 951 | |||||||
Other current liabilities | 1,308,915 | |||||||
Total liabilities | 1,324,289 | |||||||
Total equity (deficit) | (57,141) | |||||||
Block 32 | Production-sharing contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Cost of sales | 86,593 | |||||||
Gross income (loss) | (86,593) | |||||||
Operating income (loss) | (86,593) | |||||||
Net income (loss) | (86,593) | |||||||
Cash and cash equivalents | 114,708 | |||||||
Accounts receivable | 253,171 | |||||||
Total current assets | 367,879 | |||||||
Total assets | 367,879 | |||||||
Suppliers | 1,007 | |||||||
Taxes and duties payable | 2,076 | |||||||
Other current liabilities | 610,383 | |||||||
Total liabilities | 613,466 | |||||||
Total equity (deficit) | (158,994) | |||||||
Block 33 | Production-sharing contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Cost of sales | 144,327 | |||||||
Gross income (loss) | (144,327) | |||||||
Operating income (loss) | (144,327) | |||||||
Net income (loss) | (144,327) | |||||||
Accounts receivable | 48,200 | |||||||
Total current assets | 48,200 | |||||||
Total assets | 48,200 | |||||||
Suppliers | 313,501 | |||||||
Other current liabilities | 98,992 | |||||||
Total liabilities | 412,493 | |||||||
Total equity (deficit) | (219,966) | |||||||
Block 35 | Production-sharing contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Cost of sales | 32,342 | |||||||
Gross income (loss) | (32,342) | |||||||
Operating income (loss) | (32,342) | |||||||
Total income taxes and duties | 171 | |||||||
Net income (loss) | (32,513) | |||||||
Accounts receivable | 316,429 | |||||||
Total current assets | 316,429 | |||||||
Total assets | 316,429 | |||||||
Suppliers | 661,367 | |||||||
Other current liabilities | 48,402 | |||||||
Total liabilities | 709,769 | |||||||
Total equity (deficit) | (360,827) | |||||||
Santuario El Golpe | Production-sharing contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Net sales | 1,104,331 | |||||||
Cost of sales | 2,253,631 | |||||||
Gross income (loss) | (1,149,300) | |||||||
Administrative expenses | 5,967 | |||||||
Operating income (loss) | (1,155,267) | |||||||
Total income taxes and duties | 43,724 | |||||||
Net income (loss) | (1,198,991) | |||||||
Cash and cash equivalents | 15,208 | |||||||
Accounts receivable | 10,901,871 | |||||||
Total current assets | 10,917,079 | |||||||
Wells, pipelines, properties, plant and equipment, net | 59,970 | |||||||
Total assets | 10,977,049 | |||||||
Suppliers | 5,434,599 | |||||||
Taxes and duties payable | 9,077 | |||||||
Other current liabilities | 2,222,286 | |||||||
Total liabilities | 7,665,962 | |||||||
Total equity (deficit) | 4,510,078 | |||||||
Misión | Production-sharing contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Net sales | 1,475,643 | |||||||
Cost of sales | 108,622 | |||||||
Gross income (loss) | 1,367,021 | |||||||
Operating income (loss) | 1,367,021 | |||||||
Total income taxes and duties | 324,198 | |||||||
Net income (loss) | 1,042,823 | |||||||
Accounts receivable | 7,920,779 | |||||||
Total current assets | 7,920,779 | |||||||
Wells, pipelines, properties, plant and equipment, net | 1,683,427 | |||||||
Total assets | 9,604,206 | |||||||
Suppliers | 2,479,654 | |||||||
Taxes and duties payable | 15,859 | |||||||
Other current liabilities | 3,033,148 | |||||||
Total liabilities | 5,528,661 | |||||||
Total equity (deficit) | 3,032,722 | |||||||
Ébano | Production-sharing contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Net sales | 1,135,858 | |||||||
Cost of sales | 1,204,615 | |||||||
Gross income (loss) | (68,757) | |||||||
Other income (loss), net | (696) | |||||||
Administrative expenses | 84,891 | |||||||
Operating income (loss) | (154,344) | |||||||
Net income (loss) | (154,344) | |||||||
Accounts receivable | 3,995,264 | |||||||
Total current assets | 3,995,264 | |||||||
Wells, pipelines, properties, plant and equipment, net | 248,525 | |||||||
Total assets | 4,243,789 | |||||||
Suppliers | 3,072,209 | |||||||
Taxes and duties payable | 7,003 | |||||||
Other current liabilities | 565,073 | |||||||
Total liabilities | 3,644,285 | |||||||
Total equity (deficit) | 753,848 | |||||||
Trion | License contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Gross income (loss) | 0 | |||||||
Operating income (loss) | 0 | |||||||
Net income (loss) | 0 | |||||||
Total current assets | 0 | |||||||
Total assets | 0 | |||||||
Total liabilities | 0 | |||||||
Total equity (deficit) | 0 | |||||||
Block 3 | License contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Cost of sales | 42,947 | |||||||
Gross income (loss) | (42,947) | |||||||
Operating income (loss) | (42,947) | |||||||
Net income (loss) | (42,947) | |||||||
Accounts receivable | 31,269 | |||||||
Total current assets | 31,269 | |||||||
Total assets | 31,269 | |||||||
Suppliers | 181,591 | |||||||
Other current liabilities | 59,442 | |||||||
Total liabilities | 241,033 | |||||||
Total equity (deficit) | (166,817) | |||||||
Block 5 | License contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Cost of sales | 66,975 | |||||||
Gross income (loss) | (66,975) | |||||||
Operating income (loss) | (66,975) | |||||||
Net income (loss) | (66,975) | |||||||
Cash and cash equivalents | 108,522 | |||||||
Accounts receivable | 44,581 | |||||||
Total current assets | 153,103 | |||||||
Total assets | 153,103 | |||||||
Suppliers | 89,438 | |||||||
Taxes and duties payable | 5,521 | |||||||
Other current liabilities | 459,113 | |||||||
Total liabilities | 554,072 | |||||||
Total equity (deficit) | (333,994) | |||||||
Block 22 | License contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Cost of sales | 63,617 | |||||||
Gross income (loss) | (63,617) | |||||||
Operating income (loss) | (63,617) | |||||||
Net income (loss) | (63,617) | |||||||
Accounts receivable | 341,860 | |||||||
Total current assets | 341,860 | |||||||
Total assets | 341,860 | |||||||
Suppliers | 575,293 | |||||||
Other current liabilities | 116,107 | |||||||
Total liabilities | 691,400 | |||||||
Total equity (deficit) | (285,923) | |||||||
Cárdenas-Mora | License contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Net sales | 2,092,236 | |||||||
Total duties, taxes and other | 263,585 | |||||||
Cost of sales | 2,325,582 | |||||||
Gross income (loss) | (233,346) | |||||||
Other income (loss), net | (459) | |||||||
Administrative expenses | 61 | |||||||
Operating income (loss) | (233,866) | |||||||
Net income (loss) | (497,451) | |||||||
Cash and cash equivalents | 40 | |||||||
Accounts receivable | 8,648,213 | |||||||
Total current assets | 8,648,253 | |||||||
Wells, pipelines, properties, plant and equipment, net | 295,650 | |||||||
Total assets | 8,943,903 | |||||||
Suppliers | 3,974,082 | |||||||
Taxes and duties payable | 7,506 | |||||||
Other current liabilities | 1,390,814 | |||||||
Total liabilities | 5,372,402 | |||||||
Total equity (deficit) | 4,068,952 | |||||||
Ogarrio | License contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Net sales | 2,084,907 | |||||||
Total duties, taxes and other | 306,956 | |||||||
Cost of sales | 959,465 | |||||||
Gross income (loss) | 1,125,442 | |||||||
Other income (loss), net | (26) | |||||||
Administrative expenses | 86,162 | |||||||
Operating income (loss) | 1,039,254 | |||||||
Net income (loss) | 732,298 | |||||||
Accounts receivable | 1,359,559 | |||||||
Total current assets | 1,359,559 | |||||||
Wells, pipelines, properties, plant and equipment, net | 1,336,020 | |||||||
Total assets | 2,695,579 | |||||||
Suppliers | 2,344,715 | |||||||
Taxes and duties payable | 12,752 | |||||||
Other current liabilities | 4,021,185 | |||||||
Total liabilities | 6,378,652 | |||||||
Total equity (deficit) | (4,415,371) | |||||||
Miquetla | License contracts | Exploration and extraction contracts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Net sales | 422,796 | |||||||
Cost of sales | 1,162,390 | |||||||
Gross income (loss) | (739,594) | |||||||
Other income (loss), net | (8,374) | |||||||
Administrative expenses | 147,842 | |||||||
Operating income (loss) | (895,810) | |||||||
Net income (loss) | $ (895,810) | |||||||
Accounts receivable | 1,576,331 | |||||||
Total current assets | 1,576,331 | |||||||
Wells, pipelines, properties, plant and equipment, net | 222,840 | |||||||
Total assets | 1,799,171 | |||||||
Suppliers | 2,085,393 | |||||||
Taxes and duties payable | 1,729 | |||||||
Other current liabilities | 262,675 | |||||||
Total liabilities | 2,349,797 | |||||||
Total equity (deficit) | $ 345,184 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | |
Disclosure of detailed information about intangible assets [abstract] | |||||
Intangible assets | $ 20,016,146 | $ 1,546,537 | $ 30,024,934 | ||
Expenses related to unsuccessful wells | $ 21,021,660 | $ 22,296,103 | $ 19,351,986 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Intangible Assets (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Wells unassigned to a reserve: | ||||
Balance at the beginning of the year | $ 20,016,146 | |||
Transfers against fixed assets | 10,630,314 | $ 15,608,296 | $ 6,229,356 | |
Balance at the end of the year | $ 1,546,537 | 30,024,934 | 20,016,146 | |
Wells unassigned to a reserve: | ||||
Wells unassigned to a reserve: | ||||
Balance at the beginning of the year | 18,639,136 | 21,435,160 | ||
Additions to construction in progress | 34,291,324 | 25,377,983 | ||
Transfers against expenses | (13,911,491) | (12,565,711) | ||
Transfers against fixed assets | (10,630,314) | (15,608,296) | ||
Balance at the end of the year | $ 28,388,655 | $ 18,639,136 | $ 21,435,160 |
Intangible Assets, Net - Sche_2
Intangible Assets, Net - Schedule of Other Components of Intangible Assets (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at the beginning of the year | $ 20,016,146 | |||
Amortization | $ 26,596 | 516,342 | $ 403,295 | $ 478,988 |
Balance at the end of the year | $ 1,546,537 | 30,024,934 | 20,016,146 | |
Other intangible assets | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at the beginning of the year | 1,377,010 | |||
Balance at the end of the year | 1,636,279 | 1,377,010 | ||
Other intangible assets | Total carrying amount | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at the beginning of the year | 7,104,671 | 6,654,405 | ||
Additions | 1,040,234 | 436,235 | ||
Disposals | (35,885) | |||
Effects of foreign exchange | (139,208) | 49,916 | ||
Balance at the end of the year | 8,005,697 | 7,104,671 | 6,654,405 | |
Other intangible assets | Accumulated depreciation and amortization | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at the beginning of the year | (5,727,661) | (5,313,781) | ||
Additions | (195,948) | |||
Disposals | 32,561 | |||
Amortization | (516,342) | (403,295) | ||
Effects of foreign exchange | 70,533 | (43,146) | ||
Balance at the end of the year | (6,369,418) | (5,727,661) | (5,313,781) | |
Licenses | Other intangible assets | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at the beginning of the year | 308,508 | |||
Balance at the end of the year | $ 628,401 | $ 308,508 | ||
Licenses | Other intangible assets | Bottom of range | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Useful lives | 1 | 1 | 1 | |
Licenses | Other intangible assets | Top of range | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Useful lives | 3 years | 3 years | 3 years | |
Licenses | Other intangible assets | Total carrying amount | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at the beginning of the year | $ 5,258,823 | $ 4,885,305 | ||
Additions | 1,016,283 | 416,070 | ||
Disposals | (35,885) | |||
Effects of foreign exchange | (33,617) | (6,667) | ||
Balance at the end of the year | 6,241,489 | 5,258,823 | 4,885,305 | |
Licenses | Other intangible assets | Accumulated depreciation and amortization | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at the beginning of the year | (4,950,315) | (4,592,114) | ||
Additions | (195,948) | |||
Disposals | 32,561 | |||
Amortization | (492,311) | (371,115) | ||
Effects of foreign exchange | 25,486 | (19,647) | ||
Balance at the end of the year | (5,613,088) | (4,950,315) | (4,592,114) | |
Exploration expenses, evaluation of assets and concessions | Other intangible assets | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at the beginning of the year | 1,068,502 | |||
Balance at the end of the year | $ 1,007,878 | $ 1,068,502 | ||
Useful lives | 36 years | 36 years | 36 years | |
Exploration expenses, evaluation of assets and concessions | Other intangible assets | Total carrying amount | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at the beginning of the year | $ 1,845,848 | $ 1,769,100 | ||
Additions | 23,951 | 20,165 | ||
Disposals | 0 | |||
Effects of foreign exchange | (105,591) | 56,583 | ||
Balance at the end of the year | 1,764,208 | 1,845,848 | 1,769,100 | |
Exploration expenses, evaluation of assets and concessions | Other intangible assets | Accumulated depreciation and amortization | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at the beginning of the year | (777,346) | (721,667) | ||
Additions | 0 | |||
Disposals | 0 | |||
Amortization | (24,031) | (32,180) | ||
Effects of foreign exchange | 45,047 | (23,499) | ||
Balance at the end of the year | $ (756,330) | $ (777,346) | $ (721,667) |
Government Bonds, Long-Term N_3
Government Bonds, Long-Term Notes Receivable And Other Assets - Summary of Roll forward Related to the Promissory Notes (Detail) - Promissory Notes $ in Thousands | 12 Months Ended |
Dec. 31, 2020 MXN ($) | |
Disclosure of Roll Forward Related to the Promissory Notes [Roll Forward] | |
Balance at the beginning of the year | $ 126,534,822 |
Collected promissory notes | (4,102,622) |
Accrued interests | 7,097,040 |
Interests received from promissory notes | (881,048) |
Reversal of (impairment) of the promissory notes | 8,000 |
Exchange from promissory notes to Bonds | (128,656,192) |
Balance at the end of the period | $ 0 |
Government Bonds, Long-Term N_4
Government Bonds, Long-Term Notes Receivable And Other Assets - Summary of Balance of Government Bonds (Detail) - Government Bonds - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Notes Receivable Government Bonds And Other Non Current Assets [Line Items] | ||
Government bonds | $ 110,179,517 | $ 110,855,356 |
Less: current portion of Government Bonds, net of expected credit losses | 46,526,257 | 1,253,451 |
Total long-term notes receivable | 63,653,260 | 109,601,905 |
Expected credit losses | $ 9,717 | $ 13,038 |
Government Bonds, Long-Term N_5
Government Bonds, Long-Term Notes Receivable And Other Assets - Additional Information (Detail) € in Thousands, $ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Nov. 20, 2020 MXN ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) series | Dec. 31, 2022 USD ($) series | Dec. 31, 2022 MXN ($) series | Dec. 31, 2021 EUR (€) series | Nov. 19, 2020 MXN ($) | |
Disclosure Of Notes Receivable Government Bonds And Other Non Current Assets [Line Items] | |||||||
Principal amount of debt | $ 2,211,928,624 | $ 2,052,100,699 | |||||
Long-term debt, net of current portion | 1,757,412,281 | $ 83,727,784 | 1,625,516,313 | ||||
Financial arrangement, term | 3 years | ||||||
Notional Amount | € | € 1,250 | ||||||
Long-term notes receivables | 1,646,290 | $ 68,719 | 1,334,126 | ||||
Value added tax payables | 833,473 | 783,999 | |||||
Mexican Government | |||||||
Disclosure Of Notes Receivable Government Bonds And Other Non Current Assets [Line Items] | |||||||
Interest income | $ 7,455,715 | 7,126,559 | |||||
Government Bonds | |||||||
Disclosure Of Notes Receivable Government Bonds And Other Non Current Assets [Line Items] | |||||||
Principal amount of debt | 83,401,120 | 89,739,938 | $ 128,786,611 | ||||
Long-term debt, net of current portion | 84,189,749 | 90,577,596 | $ 95,597,610 | ||||
Fair value of the transferred assets | 109,124,514 | 108,062,414 | |||||
Fair value of associated financial liabilities | 83,869,441 | 82,372,990 | |||||
Fair value of transferred financial assets and associated financial liabilities, Net | 25,255,073 | 25,689,424 | |||||
Interest | 837,658 | 788,629 | |||||
Government Bonds | Seventeen Series of Development Bonds | |||||||
Disclosure Of Notes Receivable Government Bonds And Other Non Current Assets [Line Items] | |||||||
Notional Amount | $ 913,482 | $ 913,482 | |||||
Number of series of development bonds | series | 17 | 17 | 17 | 17 | |||
Financial assets at amortised cost | $ 102,492,032 | $ 102,492,032 | |||||
Government Bonds | Financing income | |||||||
Disclosure Of Notes Receivable Government Bonds And Other Non Current Assets [Line Items] | |||||||
Interest income | $ 7,534,938 | $ 7,094,180 | |||||
Government Bonds | Three Year Financing Arrangement | |||||||
Disclosure Of Notes Receivable Government Bonds And Other Non Current Assets [Line Items] | |||||||
Notional Amount | $ 95,597,610 | ||||||
Interest rate | 8.56275% |
Government Bonds, Long-Term N_6
Government Bonds, Long-Term Notes Receivable And Other Assets - Summary of Roll forward of the Mexican Bonds (Detail) - Mexican Bonds - Mexican Government - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Roll Forward Related to the Promissory Notes [Roll Forward] | ||
Balance as of the beginning of the year | $ 110,855,356 | $ 129,549,519 |
Government Bonds collected | 0 | (15,788,696) |
Accrued interests | 7,534,938 | 7,094,180 |
Interests received from bonds | (7,455,715) | (7,126,559) |
Impact of the valuation of bonds in UDIs | 491,975 | 459,149 |
Amortized cost | (1,250,358) | (3,336,781) |
Reversal (Impairment) of bonds | 3,321 | 4,544 |
Balance at the end of the year | $ 110,179,517 | $ 110,855,356 |
Government Bonds, Long-Term N_7
Government Bonds, Long-Term Notes Receivable And Other Assets - Summary of Other Assets (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) |
Disclosure Of Notes Receivable Government Bonds And Other Long Term Assets [Abstract] | |||
Payments in advance | $ 26,515,825 | $ 35,931,167 | |
Other | 2,565,824 | 2,327,872 | |
Insurance | 1,621,076 | 853,891 | |
Total other assets | $ 1,581,449 | $ 30,702,725 | $ 39,112,930 |
Debt - Additional Information (
Debt - Additional Information (Detail) $ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Dec. 29, 2022 MXN ($) | Dec. 21, 2022 USD ($) | Nov. 14, 2022 MXN ($) | Nov. 09, 2022 MXN ($) | Oct. 28, 2022 MXN ($) | Oct. 17, 2022 MXN ($) | Oct. 07, 2022 MXN ($) | Sep. 13, 2022 MXN ($) | Aug. 23, 2022 USD ($) | Aug. 19, 2022 MXN ($) | Jun. 17, 2022 USD ($) | Jun. 15, 2022 MXN ($) | May 31, 2022 USD ($) | May 18, 2022 MXN ($) | Apr. 29, 2022 USD ($) | Apr. 18, 2022 MXN ($) | Feb. 25, 2022 MXN ($) | Dec. 23, 2021 USD ($) | Dec. 21, 2021 MXN ($) | Dec. 20, 2021 MXN ($) | Dec. 17, 2021 MXN ($) | Dec. 16, 2021 USD ($) | Nov. 18, 2021 MXN ($) | Oct. 19, 2021 MXN ($) | Jul. 31, 2021 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | Dec. 31, 2022 MXN ($) | May 31, 2022 MXN ($) | Apr. 26, 2022 MXN ($) | Mar. 28, 2022 USD ($) | Dec. 31, 2021 MXN ($) | Dec. 16, 2021 MXN ($) | Nov. 12, 2021 USD ($) | Nov. 12, 2021 MXN ($) | Jul. 16, 2021 USD ($) | Jul. 08, 2021 USD ($) | May 21, 2021 USD ($) | May 10, 2021 USD ($) | Jan. 22, 2021 USD ($) | Nov. 25, 2020 USD ($) | Nov. 25, 2020 MXN ($) | |
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Domestic net debt | $ 27,242,000 | ||||||||||||||||||||||||||||||||||||||||||||
External net debt | $ 1,860,000 | $ 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 1,984,689 | $ 1,853,421,785 | $ 2,211,701,630 | ||||||||||||||||||||||||||||||||||||||||||
Line of credit | $ 7,664,000 | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding of revolving credit lines | 162,866 | ||||||||||||||||||||||||||||||||||||||||||||
Revolving credit facility amount | 1,736,218 | ||||||||||||||||||||||||||||||||||||||||||||
Repayment of revolving credit lines | 1,775,899 | $ 1,107,159,280 | $ 1,707,581,580 | $ 1,151,962,147 | |||||||||||||||||||||||||||||||||||||||||
Internal net debt | $ 22,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Loan from foreign banks | 1,763,576,383 | 1,946,136,632 | |||||||||||||||||||||||||||||||||||||||||||
Outstanding balances owed to contractor | $ 21,437 | $ 0 | $ 445,299 | ||||||||||||||||||||||||||||||||||||||||||
Floating Production Storage And Offloading | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Outstanding balances owed to contractor | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||
Secured Overnight Financing Rate (SOFR) | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 4.30% | 4.30% | |||||||||||||||||||||||||||||||||||||||||||
Three Month Secured Overnight Financing Rate | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 4.58745% | 4.58745% | |||||||||||||||||||||||||||||||||||||||||||
EURIBOR | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 2.132% | 2.132% | |||||||||||||||||||||||||||||||||||||||||||
Buy Cap, Sell Floor on floating in U.S. dollar LIBOR 1M | Three Month LIBOR | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 4.7672% | 2.0913% | 4.7672% | 2.0913% | |||||||||||||||||||||||||||||||||||||||||
Buy Cap, Sell Floor on floating in U.S. dollar LIBOR 1M | Six Month LIBOR | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 5.13886% | 3.3875% | 5.13886% | 3.3875% | |||||||||||||||||||||||||||||||||||||||||
Buy Cap, Sell Floor on floating in U.S. dollar LIBOR 1M | Twelve Month LIBOR | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 5.48214% | 5.8313% | 5.48214% | 5.8313% | |||||||||||||||||||||||||||||||||||||||||
TIIE | Twenty Eight Days TIEE Rate | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 10.7605% | 5.715% | 10.7605% | 5.715% | |||||||||||||||||||||||||||||||||||||||||
TIIE | Ninety One Days TIEE Rate | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 10.975% | 5.855% | 10.975% | 5.855% | |||||||||||||||||||||||||||||||||||||||||
TIIE | One Hundred Eighty Two Days TIIE Rate | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 11.08% | 6.02% | 11.08% | 6.02% | |||||||||||||||||||||||||||||||||||||||||
Floating Rate LIBOR to Three months Plus 425 Basis Points Due on August 24, 2023 Due | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 6.700 | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Floating Rate LIBOR to Three months Plus 425 Basis Points Due on August 24, 2023 Due | Series C medium term notes program | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 112,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
P.M.I. Holdings, B.V. | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Outstanding of revolving credit lines | $ 2,310,042 | ||||||||||||||||||||||||||||||||||||||||||||
Revolving credit facility amount | 43,292,749 | ||||||||||||||||||||||||||||||||||||||||||||
Repayment of revolving credit lines | 43,369,772 | ||||||||||||||||||||||||||||||||||||||||||||
PMI Trading Ltd | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Outstanding of revolving credit lines | 202,547 | ||||||||||||||||||||||||||||||||||||||||||||
Revolving credit facility available | $ 62,134 | ||||||||||||||||||||||||||||||||||||||||||||
Promissory Note | Twenty Eighty TLLE Plus 235 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Revolving credit maximum borrowing capacity | $ 250,000 | ||||||||||||||||||||||||||||||||||||||||||||
Maturity | 28-day | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 2.35% | ||||||||||||||||||||||||||||||||||||||||||||
Promissory Note | Twenty Eight TIIE Plus 250 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Revolving credit maximum borrowing capacity | $ 500,000 | ||||||||||||||||||||||||||||||||||||||||||||
Maturity | 28-day | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 2.50% | ||||||||||||||||||||||||||||||||||||||||||||
Promissory Note | Twenty Eight TIIE Plus 330 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Notes issued | $ 3,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Promissory Note | Twenty Eight TIIE Plus 365 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 28-day | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 3.65% | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 5,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Promissory Note | Thirty Day SOFR Plus 175 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 30-day | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 1.75% | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 11,362 | ||||||||||||||||||||||||||||||||||||||||||||
Credit Line | SOFR Plus 245 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Revolving credit maximum borrowing capacity | $ 75,000 | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 2.45% | ||||||||||||||||||||||||||||||||||||||||||||
Credit Line | Twenty Eight TIIE Plus 350 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Revolving credit maximum borrowing capacity | $ 15,500,000 | ||||||||||||||||||||||||||||||||||||||||||||
Maturity | 28-day | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 3.50% | ||||||||||||||||||||||||||||||||||||||||||||
Revolving credit maximum borrowing capacity, increase in capacity | $ 20,500,000 | ||||||||||||||||||||||||||||||||||||||||||||
Credit Line | Ninety SOFR Plus 345 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Revolving credit maximum borrowing capacity | $ 450,000 | ||||||||||||||||||||||||||||||||||||||||||||
Maturity | 90-day | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 3.45% | ||||||||||||||||||||||||||||||||||||||||||||
Renewed Promissory Note | Twenty Eight TIIE Plus 315 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 28-day | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 3.15% | ||||||||||||||||||||||||||||||||||||||||||||
Notes issued | $ 4,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Renewed Promissory Note | Twenty Eight TIIE Plus 330 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 28-day | 28-day | |||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 3.30% | 3.30% | 3.30% | ||||||||||||||||||||||||||||||||||||||||||
Renewed Promissory Note | Twenty Eight TIIE Plus 365 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 28-day | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 3.65% | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 4,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Government Bonds Monetization | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Revolving credit maximum borrowing capacity | $ 10,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Eight Point Seven Five Zero Percentage Note Due 2029 | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 8.75% | 8.75% | |||||||||||||||||||||||||||||||||||||||||||
Renewed Short-term Credit | Two Hundred Seventeen SOFR Plus 210 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 217-day | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 2% | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 500,000 | ||||||||||||||||||||||||||||||||||||||||||||
Promissory Notes Issued | Twenty Eight TIIE Plus 195 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 28-day | 28-day | |||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 1.95% | 1.95% | |||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 1,000,000 | $ 1,500,000 | |||||||||||||||||||||||||||||||||||||||||||
Promissory Notes Issued | Twenty Eight Days TIIE Plus 225 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 28-day | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 2.25% | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 500,000 | ||||||||||||||||||||||||||||||||||||||||||||
Promissory Notes Issued | Ninety One Days TIIE Plus 280 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 91-day | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 2.80% | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 1,300,000 | ||||||||||||||||||||||||||||||||||||||||||||
Promissory Notes Issued | Ninety Days TIIE Plus 295 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Revolving credit maximum borrowing capacity | $ 150,000 | ||||||||||||||||||||||||||||||||||||||||||||
Maturity | 90-day | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 2.95% | ||||||||||||||||||||||||||||||||||||||||||||
Promissory Notes Issued | Twenty Eight Days TIIE Plus 235 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 28-day | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 2.35% | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Lines Of Credit | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Line of credit | 7,664,000 | $ 29,500,000 | $ 37,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Available credit lines | $ 50,000 | ||||||||||||||||||||||||||||||||||||||||||||
Factoring Scheme For Suppliers | One Hundred Eighty Days TIIE Plus 160 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 1.60% | 1.60% | |||||||||||||||||||||||||||||||||||||||||||
Factoring Scheme For Suppliers | One Hundred Eighty Days CETES Plus 280 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 2.80% | 2.80% | |||||||||||||||||||||||||||||||||||||||||||
Factoring Scheme For Suppliers | Factoring One Hundred Eighty Days | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 180 days | 180 days | |||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 104,599 | $ 18,447,086 | |||||||||||||||||||||||||||||||||||||||||||
Credit Line Due January Two Thousand Thirty One | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Revolving credit maximum borrowing capacity | $ 152,237 | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 138% | ||||||||||||||||||||||||||||||||||||||||||||
Term Loan | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 400,000 | ||||||||||||||||||||||||||||||||||||||||||||
Term Loan | Tranche One | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 65,000 | ||||||||||||||||||||||||||||||||||||||||||||
Term Loan | Tranche Two | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 48% | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 335,000 | ||||||||||||||||||||||||||||||||||||||||||||
Renewed and Restructured Term Loan | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 300,000 | ||||||||||||||||||||||||||||||||||||||||||||
Renewed and Restructured Term Loan | Bottom of range | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 170% | ||||||||||||||||||||||||||||||||||||||||||||
Renewed and Restructured Term Loan | Top of range | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 345% | ||||||||||||||||||||||||||||||||||||||||||||
Rupees One Lakh And Fifty Thousand Term Loan | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 150,000 | ||||||||||||||||||||||||||||||||||||||||||||
Term Loan Due on July Two Thousand Twenty Four | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 3.20% | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 300,000 | ||||||||||||||||||||||||||||||||||||||||||||
Term Loan Due on January Two Thousand Twenty Three | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 750,000 | ||||||||||||||||||||||||||||||||||||||||||||
Term Loan Due on January Two Thousand Twenty Three | Bottom of range | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 1.70% | ||||||||||||||||||||||||||||||||||||||||||||
Term Loan Due on January Two Thousand Twenty Three | Top of range | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 3.45% | ||||||||||||||||||||||||||||||||||||||||||||
Rupees Four Lakhs Term Loan Due April Fifteenth Two Thousand And Twenty Two | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 182-day | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 248% | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 4,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Promissory Note No. 3 | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 120 days | 120 days | |||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 2.575% | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 4,000,000 | $ 3,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Promissory Note No. 3 | Ninety One Days TIIE Plus 257.5 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 91-day | ||||||||||||||||||||||||||||||||||||||||||||
Thirty Lakhs Promissory Notes Issued On Sixteenth Of December Two Thousand And Twenty One | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 180 days | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 260% | 260% | |||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 3,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Thirty Lakhs Promissory Notes Issued On Sixteenth Of December Two Thousand And Twenty One | One Hundred Eighty Two Days TIIE Plus 260 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 182-day | ||||||||||||||||||||||||||||||||||||||||||||
Promissory Note Of March Two Thousand And Twenty One | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 180 days | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 260% | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Twenty Lakhs Promissory Note Issued On Seventeenth Of December Two Thousand And Twenty One | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 180 days | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 260% | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Twenty Lakhs Promissory Note Issued On Seventeenth Of December Two Thousand And Twenty One | One Hundred Eighty Two Days TIIE Plus 260 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 182-day | ||||||||||||||||||||||||||||||||||||||||||||
Twenty Lakhs Promissory Note Issued On Seventeenth Of December Two Thousand And Twenty One | One Hundred Eighty Days TIIE Plus 260 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 180-day | ||||||||||||||||||||||||||||||||||||||||||||
Twenty Lakhs Promissory Note Issued On Seventeenth Of December Two Thousand And Twenty One | Twenty Eight TIIE Plus 190 Basis Points | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 28-day | ||||||||||||||||||||||||||||||||||||||||||||
Five Lakh Promissory Note Renewed On Twentieth Of December Two Thousand And Twenty One | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 180-day | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 200% | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 500,000 | ||||||||||||||||||||||||||||||||||||||||||||
Five Lakh Promissory Note | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 180 days | ||||||||||||||||||||||||||||||||||||||||||||
Five Lakh Promissory Note Issued On Twenty First Of December Two Thousand And Twenty One Due In Ninety Days | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of long term debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Maturity | 90-day | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis spread | 6.70% | 190% | |||||||||||||||||||||||||||||||||||||||||||
Principal amount outstanding U.S.$ | $ 5,813,567,000 | $ 500,000 | |||||||||||||||||||||||||||||||||||||||||||
Payment in consideration of securities accepted | $ 4,484,800 |
Debt - Summary of Principal Out
Debt - Summary of Principal Outstanding (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 MXN ($) | Dec. 31, 2022 USD ($) | May 31, 2022 USD ($) | Dec. 31, 2021 MXN ($) | |
Disclosure Of Debt [Line Items] | ||||
Principal amount outstanding U.S.$ | $ 1,853,421,785 | $ 1,984,689 | $ 2,211,701,630 | |
6.875% Notes due 2025 | ||||
Disclosure Of Debt [Line Items] | ||||
Security | 6.875 | |||
Principal amount outstanding U.S.$ | $ 901,836 | |||
6.700% Notes due 2032 | ||||
Disclosure Of Debt [Line Items] | ||||
Security | 6.700 | |||
Principal amount outstanding U.S.$ | 6,779,842 | |||
8.750% Notes due 2029 | ||||
Disclosure Of Debt [Line Items] | ||||
Security | 8.750 | |||
Principal amount outstanding U.S.$ | $ 1,984,688 |
Debt - Summary of Long-term Deb
Debt - Summary of Long-term Debt (Detail) € in Thousands, ¥ in Thousands, $ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 JPY (¥) | Dec. 31, 2021 MXN ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 JPY (¥) | |
Disclosure of long term debt [Line Items] | ||||||||
Total principal in pesos | $ 2,052,100,699 | $ 2,211,928,624 | ||||||
Notes payable to contractors | 0 | 428,799 | ||||||
Total principal and interest | 2,091,463,996 | 2,249,695,894 | ||||||
Short-term maturities | 426,584,386 | 454,516,343 | ||||||
Current portion of notes payable to contractors | 0 | 428,799 | ||||||
Accrued interest | 39,363,297 | 37,338,471 | ||||||
Total short-term debt and current portion of long-term debt | 465,947,683 | 492,283,613 | ||||||
Long-term debt | $ 83,727,784 | 1,625,516,313 | 1,757,412,281 | |||||
U.S | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | 75,770,800 | $ 76,606,155 | 1,471,037,040 | 1,576,822,820 | ||||
U.S | Bonds | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | 59,990,007 | 60,385,508 | 1,164,663,984 | 1,242,945,106 | ||||
U.S | Project financing | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | $ 1,118,091 | 1,632,207 | $ 21,706,959 | 33,596,532 | ||||
Interest rate | 2.96% | 2.96% | 2.96% | 2.96% | ||||
U.S | Direct loans | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | $ 3,012,749 | $ 2,953,963 | $ 58,490,408 | $ 60,802,906 | ||||
Interest rate | 5.25% | 5.25% | 5.25% | 5.25% | 5.25% | 5.25% | 5.25% | 5.25% |
U.S | Syndicated loans | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | $ 2,500,000 | $ 2,500,000 | $ 48,535,750 | $ 51,458,750 | ||||
U.S | Bank loans | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | $ 3,412 | $ 19,818 | $ 66,239 | $ 407,929 | ||||
Interest rate | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% |
U.S | Plus Factoring | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | $ 104,599 | $ 2,030,718 | ||||||
U.S | Revolving credit lines | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | 7,811,083 | $ 7,791,655 | 151,646,707 | $ 160,379,535 | ||||
U.S | Financing of Infrastructure asset | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | $ 1,230,859 | $ 1,323,004 | 23,896,275 | 27,232,062 | ||||
Euro | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | 202,486,138 | € 9,778,018 | 266,231,444 | € 11,373,232 | ||||
Euro | Bonds | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | 192,131,988 | 9,278,018 | 254,527,144 | 10,873,232 | ||||
Euro | Direct loans | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | $ 10,354,150 | € 500,000 | $ 11,704,300 | € 500,000 | ||||
Interest rate | 5.11% | 5.11% | 5.11% | 5.11% | 5.11% | 5.11% | 5.11% | 5.11% |
Yen | Bonds | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | $ 16,157,618 | ¥ 109,915,769 | $ 19,663,527 | ¥ 109,913,510 | ||||
Peso | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | 306,195,522 | 283,253,094 | ||||||
Peso | Direct loans | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | 56,802,606 | 34,420,635 | ||||||
Peso | Syndicated loans | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | 10,200,000 | 15,000,000 | ||||||
Peso | Plus Factoring | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | 16,416,368 | 20,003,268 | ||||||
Peso | Monetization of Mexican Government Bonds | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | $ 99,739,938 | $ 83,401,120 | ||||||
Interest rate | 9.082% | 8.56275% | 9.082% | 9.082% | 9.082% | 8.56275% | 8.56275% | 8.56275% |
Peso | Certificados bursátiles | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | $ 93,536,610 | $ 93,428,071 | ||||||
Peso | Revolving credit lines | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | 29,500,000 | 37,000,000 | ||||||
UDIs | Certificados bursátiles | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | 38,085,401 | 35,454,689 | ||||||
Other currencies | Bonds | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Long-term debt | $ 18,138,980 | $ 30,503,050 | ||||||
Secured Overnight Financing Rate (SOFR) | U.S | Plus Factoring | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 3.15 | |||||||
Secured Overnight Financing Rate (SOFR) | U.S | Revolving credit lines | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 3.00 | |||||||
LIBOR | U.S | Syndicated loans | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 2.35 | 2.35 | ||||||
TIIE | U.S | Direct loans | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | ||||||||
TIIE | Peso | Direct loans | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 6.55% | 6.55% | 6.55% | 6.55% | 6.55% | 6.55% | 6.55% | 6.55% |
TIIE | Peso | Syndicated loans | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
TIIE | Peso | Certificados bursátiles | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% |
TIIE | Peso | Revolving credit lines | Bottom of range | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 1.50% | 1.50% | 1.50% | 1.50% | ||||
TIIE | Peso | Revolving credit lines | Top of range | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 3.50% | 3.50% | 3.50% | 3.50% | ||||
Fed Effective | U.S | Revolving credit lines | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 1.55 | 1.30 | ||||||
EURIBOR | Euro | Bonds | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 2.40 | 2.40 | ||||||
Bottom of range | U.S | Bonds | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 2.29% | 1.70% | 2.29% | 2.29% | 2.29% | 1.70% | 1.70% | 1.70% |
Bottom of range | U.S | Financing of Infrastructure asset | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 5.40% | 5.40% | 5.40% | 5.40% | 5.40% | 5.40% | 5.40% | 5.40% |
Bottom of range | Euro | Bonds | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 2.75% | 1.875% | 2.75% | 2.75% | 2.75% | 1.875% | 1.875% | 1.875% |
Bottom of range | Yen | Bonds | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% |
Bottom of range | UDIs | Certificados bursátiles | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 3.02% | 3.02% | 3.02% | 3.02% | 3.02% | 3.02% | 3.02% | 3.02% |
Bottom of range | Other currencies | Bonds | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
Bottom of range | Secured Overnight Financing Rate (SOFR) | U.S | Bonds | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 2.20 | |||||||
Bottom of range | LIBOR | U.S | Bonds | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 0.35 | 0.35 | ||||||
Bottom of range | LIBOR | U.S | Project financing | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 0.45 | 0.28 | ||||||
Bottom of range | LIBOR | U.S | Direct loans | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 1.75 | 1.07 | ||||||
Bottom of range | LIBOR | U.S | Bank loans | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 1.19 | 1.19 | ||||||
Bottom of range | LIBOR | U.S | Revolving credit lines | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 3.58 | 2.0 | ||||||
Bottom of range | TIIE | Peso | Direct loans | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 0.85 | 0.85 | ||||||
Bottom of range | TIIE | Peso | Plus Factoring | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 2.55% | 2.37% | 2.55% | 2.55% | 2.55% | 2.37% | 2.37% | 2.37% |
Bottom of range | TIIE | Peso | Certificados bursátiles | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 7.19 | 7.19 | ||||||
Bottom of range | TIIE | Peso | Revolving credit lines | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 1.50% | 1.50% | 1.50% | 1.50% | ||||
Bottom of range | CETES | Peso | Plus Factoring | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 1.60% | 1.60% | 1.60% | 1.60% | ||||
Top of range | U.S | Bonds | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 9.50% | 9.50% | 9.50% | 9.50% | 9.50% | 9.50% | 9.50% | 9.50% |
Top of range | U.S | Financing of Infrastructure asset | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 8.40% | 8.40% | 8.40% | 8.40% | 8.40% | 8.40% | 8.40% | 8.40% |
Top of range | Euro | Bonds | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% |
Top of range | Yen | Bonds | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% |
Top of range | UDIs | Certificados bursátiles | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 5.23% | 5.23% | 5.23% | 5.23% | 5.23% | 5.23% | 5.23% | 5.23% |
Top of range | Other currencies | Bonds | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 3.75% | 8.25% | 3.75% | 3.75% | 3.75% | 8.25% | 8.25% | 8.25% |
Top of range | Secured Overnight Financing Rate (SOFR) | U.S | Bonds | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 3.00 | |||||||
Top of range | LIBOR | U.S | Bonds | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 0.43 | 3.65 | ||||||
Top of range | LIBOR | U.S | Project financing | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 1.38 | 1.75 | ||||||
Top of range | LIBOR | U.S | Direct loans | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 3.50 | 3.50 | ||||||
Top of range | LIBOR | U.S | Bank loans | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 1.25 | 1.25 | ||||||
Top of range | LIBOR | U.S | Revolving credit lines | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 3.75 | 3.75 | ||||||
Top of range | TIIE | Peso | Direct loans | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 3.65 | 5.24 | ||||||
Top of range | TIIE | Peso | Plus Factoring | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 2.80% | 3.32% | 2.80% | 2.80% | 2.80% | 3.32% | 3.32% | 3.32% |
Top of range | TIIE | Peso | Certificados bursátiles | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Security | 7.47 | 7.47 | ||||||
Top of range | TIIE | Peso | Revolving credit lines | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 2.90% | 2.90% | 2.90% | 2.90% | ||||
Top of range | CETES | Peso | Plus Factoring | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 2.50% | 2.50% | 2.50% | 2.50% |
Debt - Summary of Changes in Co
Debt - Summary of Changes in Consolidated Debt (Detail) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Roll Forward Related to the Promissory Notes [Roll Forward] | ||
Debt issue related costs | $ 379,045 | $ 3,290,673 |
Expense related to issuance of debt | (355,978) | (2,835,359) |
Amortized cost | 3,827,232 | 6,226,947 |
Factoring Scheme For Suppliers | ||
Disclosure of Roll Forward Related to the Promissory Notes [Roll Forward] | ||
Exploration and evaluation costs | 15,934,904 | |
Financed public works contracts | ||
Disclosure of Roll Forward Related to the Promissory Notes [Roll Forward] | ||
At the beginning of the year | 2,249,695,894 | 2,258,727,317 |
Loans obtained-financing institutions | 1,064,179,416 | 1,652,151,747 |
Debt payments | (1,107,159,280) | (1,707,581,580) |
Accrued interest | 160,020,297 | 162,903,771 |
Interest paid | (154,017,189) | (157,256,625) |
Foreign exchange | (121,255,142) | 40,751,264 |
At the end of the year | $ 2,091,463,996 | $ 2,249,695,894 |
Debt - Summary of Maturities of
Debt - Summary of Maturities of Long Term Debt Principal Outstanding and Accrued Interest (Detail) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of long term debt [abstract] | ||
2023 | $ 465,947,683 | |
2024 | 250,055,685 | |
2025 | 92,786,910 | |
2026 | 165,272,035 | |
2027 | 146,108,988 | |
2028 and thereafter | 971,292,695 | |
Total principal and interest | $ 2,091,463,996 | $ 2,249,695,894 |
Debt - Summary of Notes Payable
Debt - Summary of Notes Payable to Contractors (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 MXN ($) |
Disclosure Of Debt [Line Items] | ||||
Total notes payable to contractors | $ 0 | $ 428,799 | ||
Less: current portion of notes payable to contractors | 0 | 428,799 | ||
Notes payable to contractors (long-term) | 0 | |||
Outstanding balances owed to contractor | 0 | $ 21,437 | $ 445,299 | |
Floating Production Storage And Offloading | ||||
Disclosure Of Debt [Line Items] | ||||
Investment | $ 723,575 | |||
Outstanding balances owed to contractor | $ 0 |
Debt - Summary of Foreign Curre
Debt - Summary of Foreign Currency Translation (Detail) - MXN ($) | Dec. 31, 2022 | Dec. 31, 2021 |
U.S. dollar | ||
Disclosure of long term debt [Line Items] | ||
Closing foreign exchange rate | $ 19.4143 | $ 20.5835 |
Japanese yen | ||
Disclosure of long term debt [Line Items] | ||
Closing foreign exchange rate | 0.1470 | 0.1789 |
Pounds sterling | ||
Disclosure of long term debt [Line Items] | ||
Closing foreign exchange rate | 23.3496 | 27.8834 |
Euro | ||
Disclosure of long term debt [Line Items] | ||
Closing foreign exchange rate | 20.7083 | 23.4086 |
Swiss francs | ||
Disclosure of long term debt [Line Items] | ||
Closing foreign exchange rate | $ 20.9791 | $ 22.5924 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Lease liabilities | $ 51,131,575 | $ 59,351,649 | $ 63,184,128 | |
Current lease liability | $ 344,101 | 6,680,488 | 7,902,874 | |
Non-current lease liabilities | $ 2,289,605 | $ 44,451,087 | $ 51,448,775 | |
PEMEX | Bottom of range | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Lease term | 1 year | |||
Lease contractual terms | 1 year | |||
PEMEX | Top of range | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Lease term | 20 years | |||
Lease contractual terms | 3 years |
Leases - Summary of right-of-us
Leases - Summary of right-of-use assets (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | |
Disclosure of quantitative information about right-of-use assets [Roll Forward] | |||
Beginning balance | $ 54,283,458 | $ 59,195,257 | |
Depreciation of the year | (5,963,778) | (6,407,871) | |
Cancellations | (3,585,454) | (3,301,397) | |
Additions | 5,318,533 | 4,657,950 | |
Currency translation effect | (531,912) | 52,494 | |
Reversal of Impairment | 87,025 | ||
Ending balance | $ 2,550,741 | 49,520,847 | 54,283,458 |
Transportation and storage equipment | |||
Disclosure of quantitative information about right-of-use assets [Roll Forward] | |||
Beginning balance | 20,667,926 | 25,268,381 | |
Depreciation of the year | (3,333,879) | (3,872,379) | |
Cancellations | (1,984,257) | (2,866,335) | |
Additions | 4,396,333 | 2,119,878 | |
Currency translation effect | (487,536) | 18,381 | |
Ending balance | $ 19,258,587 | 20,667,926 | |
Transportation and storage equipment | Bottom of range | |||
Disclosure of quantitative information about right-of-use assets [Roll Forward] | |||
Lease contractual terms | 1 year | 1 year | |
Transportation and storage equipment | Top of range | |||
Disclosure of quantitative information about right-of-use assets [Roll Forward] | |||
Lease contractual terms | 10 years | 10 years | |
Plants | |||
Disclosure of quantitative information about right-of-use assets [Roll Forward] | |||
Beginning balance | $ 23,727,290 | 23,823,684 | |
Depreciation of the year | (2,050,826) | (2,081,243) | |
Cancellations | (1,601,197) | (435,062) | |
Additions | 2,419,911 | ||
Ending balance | $ 20,075,267 | 23,727,290 | |
Lease contractual terms | 14 years | 14 years | |
Drilling equipment | |||
Disclosure of quantitative information about right-of-use assets [Roll Forward] | |||
Beginning balance | $ 5,742,350 | 5,938,628 | |
Depreciation of the year | (277,276) | (196,278) | |
Additions | 434,451 | ||
Ending balance | $ 5,899,525 | 5,742,350 | |
Lease contractual terms | 10 years | 10 years | |
Rights of use | |||
Disclosure of quantitative information about right-of-use assets [Roll Forward] | |||
Beginning balance | $ 1,663,266 | 1,664,525 | |
Depreciation of the year | (86,342) | (88,284) | |
Reversal of Impairment | 87,025 | ||
Ending balance | $ 1,576,924 | 1,663,266 | |
Lease contractual terms | 23 years | 23 years | |
Port facilities | |||
Disclosure of quantitative information about right-of-use assets [Roll Forward] | |||
Beginning balance | $ 2,388,637 | 2,417,909 | |
Depreciation of the year | (182,369) | (144,680) | |
Additions | 451,013 | 82,388 | |
Currency translation effect | (42,328) | 33,020 | |
Ending balance | $ 2,614,953 | 2,388,637 | |
Lease contractual terms | 20 years | 20 years | |
Buildings | |||
Disclosure of quantitative information about right-of-use assets [Roll Forward] | |||
Beginning balance | $ 62,478 | 48,761 | |
Depreciation of the year | (29,968) | (21,841) | |
Additions | 36,400 | 35,157 | |
Currency translation effect | (346) | 401 | |
Ending balance | $ 68,564 | 62,478 | |
Buildings | Bottom of range | |||
Disclosure of quantitative information about right-of-use assets [Roll Forward] | |||
Lease contractual terms | 1 year | 1 year | |
Buildings | Top of range | |||
Disclosure of quantitative information about right-of-use assets [Roll Forward] | |||
Lease contractual terms | 5 years | 5 years | |
Land | |||
Disclosure of quantitative information about right-of-use assets [Roll Forward] | |||
Beginning balance | $ 31,511 | 33,369 | |
Depreciation of the year | (3,118) | (3,166) | |
Additions | 336 | 616 | |
Currency translation effect | (1,702) | 692 | |
Ending balance | $ 27,027 | $ 31,511 | |
Lease contractual terms | 5 years | 5 years |
Leases - Summary of leases liab
Leases - Summary of leases liabilities (Detail) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease liabilities [Roll Forward] | ||
Beginning balance | $ 59,351,649 | $ 63,184,128 |
Additions | 5,318,533 | 4,657,950 |
Cancellations | (4,392,850) | (3,734,303) |
Payments of principal | (7,362,686) | (7,622,403) |
Accrued interest | 4,304,918 | 4,773,883 |
Interests paid | (3,274,137) | (3,646,028) |
Foreign Exchange | (2,813,852) | 1,738,422 |
Ending balance | $ 51,131,575 | $ 59,351,649 |
Leases - Summary of lease liabi
Leases - Summary of lease liabilities recognized in statement of comprehensive income (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Disclosure of quantitative information about right-of-use assets [abstract] | ||||
Depreciation of rights of use | $ 307,185 | $ 5,963,778 | $ 6,407,871 | $ 7,229,231 |
Interests from lease liabilities | 4,445,315 | 4,985,566 | ||
Expenses related to short-term leases | $ 106,695 | $ 105,789 |
Leases - Summary of lease lia_2
Leases - Summary of lease liabilities recognized in statement of cash flows (Detail) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |||
Lease payments (principal and interest) | $ (10,636,823) | $ (11,268,431) | $ (10,010,801) |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) € in Thousands, MXV in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2022 USD ($) MXV Barrels agreement | Dec. 31, 2021 USD ($) Barrels agreement | Jun. 30, 2021 USD ($) Barrels | Dec. 31, 2022 USD ($) MXV agreement | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) Barrels | Dec. 31, 2019 Barrels USD ($) | Dec. 31, 2022 MXN ($) MXV agreement | Dec. 31, 2021 MXN ($) agreement | Dec. 31, 2021 EUR (€) agreement | Dec. 31, 2020 EUR (€) USD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Percentage hedged | 10% | 10% | 10% | |||||||||
Notional Amount | € | € 1,250 | |||||||||||
Confidence level percentage | 95% | 95% | ||||||||||
Net income (loss) | $ 5,150,763 | $ 99,998,470,000 | $ (294,775,877,000) | $ (509,052,065,000) | ||||||||
Increase (decrease) in exchange rate | 10% | 10% | ||||||||||
Increase in occurs of crude oil hedge | $ (8,191) | |||||||||||
Derivative financial instruments (cost) income, net | $ (1,177,635) | $ (22,862,951,000) | $ (25,224,243,000) | 17,096,141,000 | ||||||||
Net fair value of derivative financial instruments | $ (9,486,488) | $ (1,162,119) | ||||||||||
2026 | Cross-currency swaps | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Percentage of issue that remained hedged with two cross currency swaps | 25% | |||||||||||
Increase | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Net income (loss) | $ (198,697,226,000) | $ 172,056,924,000 | $ 168,334,391,000 | |||||||||
Increase (decrease) in exchange rate | 10% | 10% | 10% | 10% | ||||||||
Decrease | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Net income (loss) | $ 198,697,226,000 | $ (172,056,924,000) | $ (168,334,391,000) | |||||||||
Increase (decrease) in exchange rate | (10.00%) | (10.00%) | (10.00%) | (10.00%) | ||||||||
Euro | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Closing foreign exchange rate | 20.7083 | 23.4086 | ||||||||||
U.S. dollar | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Closing foreign exchange rate | 19.4143 | 20.5835 | ||||||||||
UDIs | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Closing foreign exchange rate | $ 7.646804 | $ 7.108233 | ||||||||||
Bottom of range | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Liquidity risk mitigation amount through syndicated credit lines | $ 664,000 | |||||||||||
Top of range | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Liquidity risk mitigation amount through syndicated credit lines | 1,500,000 | |||||||||||
Liquidity risk mitigation amount through bilateral credit lines | $ 130,000 | |||||||||||
P.M.I. Holdings, B.V. | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
DFIs and debt portfolio to parallel shift basis points | 0.0010 | 0.0010 | ||||||||||
Assumption of either an increase or decrease of basis points in floating interest rates of debt and corresponding hedges | 0.25% | 0.25% | 0.25% | 0.25% | ||||||||
Percentage of increase of DFIs and debt portfolio to exchange rates of currencies against the U.S. dollar | 1% | 1% | ||||||||||
P.M.I. Holdings, B.V. | Twenty five basis points higher | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Net income (loss) | $ (796,763,000) | $ 895,382,000 | $ 606,839,000 | |||||||||
P.M.I. Holdings, B.V. | Twenty five basis points lower | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Net income (loss) | $ 796,763,000 | $ (895,382,000) | (606,839,000) | |||||||||
PMI Trading Ltd | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Confidence level percentage | 95% | 95% | 95% | |||||||||
VaR 95% Net | $ (4,064) | $ (4,614) | $ (4,064) | |||||||||
PMI Trading Ltd | Bottom of range | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
VaR 95% Net | (2,504) | (2,504) | ||||||||||
PMI Trading Ltd | Top of range | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
VaR 95% Net | $ (21,652) | $ (21,652) | ||||||||||
Seagull option | P.M.I. Norteamrica, S. A. de C. V. | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Net foreign exchange loss | $ (45,675,050,000) | (128,949,304,000) | ||||||||||
Net foreign exchange gain | $ 129,690,090,000 | |||||||||||
Percentage of PEMEX's debt in foreign currency | 85.08% | 85.08% | ||||||||||
Seagull option | P.M.I. Norteamrica, S. A. de C. V. | Debt securities | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Net foreign exchange loss | $ (40,751,264,000) | $ (122,099,058,000) | ||||||||||
Net foreign exchange gain | $ 121,255,142,000 | |||||||||||
Peso teasury portfolio | P.M.I. Holdings, B.V. | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Investment in portfolio | (15.15) | |||||||||||
Fondo laboral pemex portfolio | P.M.I. Holdings, B.V. | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Investment in portfolio | 0 | |||||||||||
U.S. Dollar Treasury Portfolio | P.M.I. Holdings, B.V. | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Investment in portfolio | 0 | |||||||||||
Interest Rate Swaps (U.S. dollars) | UDIs | Fair Value | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
UDI cross-currency swap | MXV | 721,564 | 721,564 | 721,564 | |||||||||
Interest rate risk | Interest rate swaps | P.M.I. Norteamrica, S. A. de C. V. | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Aggregate notional amount | $ 1,378 | $ 1,378 | ||||||||||
Interest rate of derivative instrument | 3.80% | 3.80% | 3.80% | |||||||||
Weighted average term of derivative instrument | 2 months 1 day | 2 months 1 day | ||||||||||
Currency risk | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Number of cross currency swaps subject to restructure | agreement | 5 | 5 | 5 | |||||||||
Number of cross currency swaps with a recouponing clause subject to restructure | agreement | 2 | 2 | 2 | |||||||||
Hedged risk exposure | € | € 1,250 | |||||||||||
Currency risk | 2026 | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Hedged risk exposure | € | € 1,000 | |||||||||||
Currency risk | 2030 | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Hedged risk exposure | € | € 100 | |||||||||||
Commodity price risk | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Hedged risk exposure | $ 69,652 | $ 158,988 | $ 39,401 | $ 69,652 | ||||||||
Number of barrels hedged | Barrels | 100,000 | 309,000 | 218,000 | 332,500 | 243,000 | |||||||
Amount of barrels hedged | 178,268 | 119,920 | ||||||||||
Twenty day delta gamma risk analysis | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Confidence level percentage | 95% | 95% | ||||||||||
Number of observations | 500 | 500 | ||||||||||
Risk Expiring In June Two Thousand Twenty Five | P.M.I. Norteamrica, S. A. de C. V. | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Revolving credit committed to mitigate liquidity risk | $ 20,500,000,000 | |||||||||||
Risk Expiring In June Two Thousand Twenty Three | P.M.I. Norteamrica, S. A. de C. V. | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Revolving credit committed to mitigate liquidity risk | $ 9,000,000,000 | |||||||||||
Risk Expiring In June Two Thousand Twenty Four | P.M.I. Norteamrica, S. A. de C. V. | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Revolving credit committed to mitigate liquidity risk | $ 5,500,000 | $ 5,500,000 | ||||||||||
PEMEX | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Aggregate notional amount | $ 600,000 | |||||||||||
PEMEX | Interest rate risk | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Total net debt outstanding consisted of floating rate debt | 18.70% | 18.70% | ||||||||||
PEMEX | Interest rate risk | Interest rate swaps | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Number of interest rate swap agreements | agreement | 4 | 4 | 4 | |||||||||
Aggregate notional amount | $ 511,250 | $ 511,250 | ||||||||||
Interest rate of derivative instrument | 2.34% | 2.34% | 2.34% | |||||||||
Weighted average term of derivative instrument | 2 years 6 months | 2 years 6 months |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary Of Portfolio of Financial Instruments Composed of Debt Instruments and DFI (Detail) - Dec. 31, 2022 $ in Thousands, $ in Thousands | USD ($) | MXN ($) |
LIBOR 1M U.S.$ | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt | $ 471,780 | |
DFI | 2,500,000 | |
LIBOR 3M U.S.$ | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt | 343,710 | |
DFI | 156,250 | |
LIBOR 6M U.S.$ | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt | 787,068 | |
DFI | $ 243,750 | |
TIIE 28D MXN | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt | $ 66,950,939 | |
DFI | 31,733,673 | |
TIIE 91D MXN | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt | $ 20,392,684 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Details of Interest Rate Sensitivity (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
CHF | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity debt | $ 366 |
Sensitivity DFIs | (368) |
Sensitivity net | (2) |
Sensitivity debt | 357 |
Euro | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity debt | 30,739 |
Sensitivity DFIs | (27,583) |
Sensitivity net | 3,156 |
Sensitivity debt | 23,409 |
Pounds sterling | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity debt | 1,468 |
Sensitivity DFIs | (1,458) |
Sensitivity net | 10 |
Sensitivity debt | 1,312 |
Yen | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity debt | 2,418 |
Sensitivity DFIs | (1,237) |
Sensitivity net | 1,181 |
Sensitivity debt | 2,064 |
Peso | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity debt | 12,349 |
Sensitivity DFIs | 454 |
Sensitivity net | 12,803 |
Sensitivity debt | 11,534 |
UDI | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity debt | 10,510 |
Sensitivity DFIs | (10,143) |
Sensitivity net | 367 |
Sensitivity debt | 8,770 |
U.S. dollar | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity debt | 786,744 |
Sensitivity DFIs | 176,361 |
Sensitivity net | 963,105 |
Sensitivity debt | $ 254,268 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Details of Interest Rate and Currency Derivative Financial Instruments (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
CHF | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity debt | $ 366 |
Sensitivity DFIs | (368) |
Sensitivity net | (2) |
Sensitivity Debt | (3,850) |
Euro | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity debt | 30,739 |
Sensitivity DFIs | (27,583) |
Sensitivity net | 3,156 |
Sensitivity Debt | (96,480) |
Pounds sterling | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity debt | 1,468 |
Sensitivity DFIs | (1,458) |
Sensitivity net | 10 |
Sensitivity Debt | (4,863) |
Yen | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity debt | 2,418 |
Sensitivity DFIs | (1,237) |
Sensitivity net | 1,181 |
Sensitivity Debt | (7,567) |
Peso | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity debt | 12,349 |
Sensitivity DFIs | 454 |
Sensitivity net | 12,803 |
Sensitivity Debt | (161,607) |
UDI | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity debt | 10,510 |
Sensitivity DFIs | (10,143) |
Sensitivity net | 367 |
Sensitivity Debt | (19,120) |
Interbank Yield Curves Sensitivity | CHF | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity debt | (3,913) |
Sensitivity DFIs | 3,964 |
Sensitivity net | 51 |
VaR 95% Net | (42) |
Interbank Yield Curves Sensitivity | Euro | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity debt | (111,148) |
Sensitivity DFIs | 76,215 |
Sensitivity net | (34,933) |
VaR 95% Net | (36,092) |
Interbank Yield Curves Sensitivity | Pounds sterling | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity debt | (5,336) |
Sensitivity DFIs | 5,334 |
Sensitivity net | (2) |
VaR 95% Net | (3) |
Interbank Yield Curves Sensitivity | Yen | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity debt | (8,463) |
Sensitivity DFIs | 2,045 |
Sensitivity net | (6,418) |
VaR 95% Net | (7,542) |
Interbank Yield Curves Sensitivity | Peso | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity debt | (164,652) |
Sensitivity DFIs | (17,471) |
Sensitivity net | (182,123) |
VaR 95% Net | (165,737) |
Interbank Yield Curves Sensitivity | UDI | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity debt | (21,259) |
Sensitivity DFIs | 20,794 |
Sensitivity net | (465) |
VaR 95% Net | $ (435) |
Derivative Financial Instrume_7
Derivative Financial Instruments - Details of Current and Potential Exposures and Aggregated by Credit Rating (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Current | A+ | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | $ (176,154) |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
Current | A | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | (102,791) |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
Current | A- | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | (216,848) |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
Current | BBB+ | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 55,029 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
Current | BBB | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | (52,181) |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
Current | BBB- | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | (137,999) |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
Less than 1 year | A+ | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 166,520 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
Less than 1 year | A | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 224,207 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
Less than 1 year | A- | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 378,031 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 96,659 |
Less than 1 year | BBB+ | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 234,233 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
Less than 1 year | BBB | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 361,620 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
Less than 1 year | BBB- | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 29,622 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 29,622 |
1-3 years | A+ | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 191,753 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
1-3 years | A | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 253,413 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 3,413 |
1-3 years | A- | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 218,832 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 147,895 |
1-3 years | BBB+ | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 401,638 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
1-3 years | BBB | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 587,566 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
1-3 years | BBB- | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 90,515 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 90,515 |
3-5 years | A+ | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 111,377 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 111,377 |
3-5 years | A | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 163,192 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 163,192 |
3-5 years | A- | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 253,977 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 253,977 |
3-5 years | BBB+ | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 416,710 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 416,710 |
3-5 years | BBB | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 519,802 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 519,802 |
3-5 years | BBB- | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 123,290 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 123,290 |
5-7 years | A+ | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 123,806 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 123,806 |
5-7 years | A | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 100,000 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 100,000 |
5-7 years | A- | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 124,570 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 124,570 |
5-7 years | BBB+ | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 97,429 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 97,429 |
5-7 years | BBB | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 343,821 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 343,821 |
5-7 years | BBB- | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 148,267 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 148,267 |
7-10 years | A+ | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 0 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
7-10 years | A | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 0 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
7-10 years | A- | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 0 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
7-10 years | BBB+ | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 120,463 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 120,463 |
7-10 years | BBB | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 266,512 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 266,512 |
7-10 years | BBB- | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 0 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
More than 10 years | A+ | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 0 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
More than 10 years | A | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 0 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
More than 10 years | A- | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 0 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 0 |
More than 10 years | BBB+ | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 157,057 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 157,057 |
More than 10 years | BBB | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 288,818 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | 288,818 |
More than 10 years | BBB- | |
Disclosure of detailed information about financial instruments [line items] | |
Maximum Credit Exposure by term in Petroleos Mexicanos | 0 |
Maximum Credit Exposure by term in Petroleos Mexicanos including debt | $ 0 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Details of Quantitative Disclosure of Debt Cash Flow Maturities (Detail) - MXN ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Closing foreign exchange rate | $ 19.4143 | $ 20.5835 |
Japanese yen | ||
Disclosure of detailed information about financial instruments [line items] | ||
Closing foreign exchange rate | 0.1470 | 0.1789 |
Pounds sterling | ||
Disclosure of detailed information about financial instruments [line items] | ||
Closing foreign exchange rate | 23.3496 | 27.8834 |
UDIs | ||
Disclosure of detailed information about financial instruments [line items] | ||
Closing foreign exchange rate | 7.646804 | 7.108233 |
Euro | ||
Disclosure of detailed information about financial instruments [line items] | ||
Closing foreign exchange rate | 20.7083 | 23.4086 |
Swiss francs | ||
Disclosure of detailed information about financial instruments [line items] | ||
Closing foreign exchange rate | 20.9791 | 22.5924 |
Total Carrying Value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 2,052,100,699,000 | 2,212,357,424,000 |
Total Carrying Value | Total fixed rate debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 1,641,999,726,000 | 1,769,102,869,000 |
Total Carrying Value | Fixed rate (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | $ 1,192,351,694,000 | $ 1,258,734,656,000 |
Average interest rate (%) | 6.59% | 6% |
Total Carrying Value | Fixed rate (Japanese yen) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | $ 16,157,618,000 | $ 19,663,527,000 |
Average interest rate (%) | 1.35% | 1% |
Total Carrying Value | Fixed rate (pound sterling) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | $ 10,479,479,000 | $ 22,262,769,000 |
Average interest rate (%) | 3.75% | 6% |
Total Carrying Value | Fixed rate (pesos) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | $ 188,195,237,000 | $ 173,729,977,000 |
Average interest rate (%) | 7.76% | 8% |
Total Carrying Value | Fixed rate (UDIs) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | $ 38,085,401,000 | $ 35,454,689,000 |
Average interest rate (%) | 4.09% | 4% |
Total Carrying Value | Fixed rate (euros) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | $ 189,070,797,000 | $ 251,016,970,000 |
Average interest rate (%) | 4.30% | 4% |
Total Carrying Value | Fixed rate (Swiss francs) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | $ 7,659,500,000 | $ 8,240,281,000 |
Average interest rate (%) | 1.75% | 2% |
Total Carrying Value | Total variable rate debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | $ 410,100,973,000 | $ 443,254,555,000 |
Total Carrying Value | Variable rate (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 278,685,349,000 | 318,516,962,000 |
Total Carrying Value | Variable rate (euros) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 13,415,342,000 | 15,214,474,000 |
Total Carrying Value | Variable rate (pesos) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 118,000,282,000 | 109,523,119,000 |
2023 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 426,584,384,000 | 454,945,143,000 |
2023 | Total fixed rate debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 128,181,424,000 | 170,453,839,000 |
2023 | Fixed rate (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 49,003,377,000 | 37,913,852,000 |
2023 | Fixed rate (Japanese yen) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 4,410,000,000 | |
2023 | Fixed rate (pound sterling) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 9,753,906,000 | |
2023 | Fixed rate (pesos) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 38,129,345,000 | 85,401,120,000 |
2023 | Fixed rate (euros) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 28,979,202,000 | 37,384,961,000 |
2023 | Fixed rate (Swiss francs) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 7,659,500,000 | |
2023 | Total variable rate debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 298,402,960,000 | 284,491,304,000 |
2023 | Variable rate (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 204,537,935,000 | 200,020,654,000 |
2023 | Variable rate (euros) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 13,415,342,000 | |
2023 | Variable rate (pesos) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 80,449,683,000 | 84,470,650,000 |
2024 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 250,055,685,000 | 153,052,257,000 |
2024 | Total fixed rate debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 167,181,717,000 | 96,661,399,000 |
2024 | Fixed rate (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 22,392,384,000 | 50,307,730,000 |
2024 | Fixed rate (Japanese yen) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 5,367,000,000 | |
2024 | Fixed rate (pesos) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 118,930,168,000 | |
2024 | Fixed rate (euros) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 25,859,165,000 | 32,746,388,000 |
2024 | Fixed rate (Swiss francs) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 8,240,281,000 | |
2024 | Total variable rate debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 82,873,968,000 | 56,390,858,000 |
2024 | Variable rate (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 57,417,565,000 | 34,147,302,000 |
2024 | Variable rate (euros) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 15,214,474,000 | |
2024 | Variable rate (pesos) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 25,456,403,000 | 7,029,082,000 |
2025 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 92,786,912,000 | 182,065,735,000 |
2025 | Total fixed rate debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 79,256,553,000 | 109,564,539,000 |
2025 | Fixed rate (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 34,634,833,000 | 23,079,032,000 |
2025 | Fixed rate (pound sterling) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 10,479,479,000 | |
2025 | Fixed rate (pesos) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 57,280,273,000 | |
2025 | Fixed rate (euros) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 34,142,241,000 | 29,205,234,000 |
2025 | Total variable rate debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 13,530,359,000 | 72,501,196,000 |
2025 | Variable rate (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 5,739,676,000 | 61,710,357,000 |
2025 | Variable rate (pesos) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 7,790,683,000 | 10,790,839,000 |
2026 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 165,272,035,000 | 101,083,584,000 |
2026 | Total fixed rate debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 161,659,842,000 | 87,226,497,000 |
2026 | Fixed rate (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 74,001,164,000 | 36,124,005,000 |
2026 | Fixed rate (Japanese yen) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 11,747,618,000 | |
2026 | Fixed rate (pound sterling) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 12,508,863,000 | |
2026 | Fixed rate (pesos) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 31,135,724,000 | |
2026 | Fixed rate (UDIs) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 24,060,801,000 | |
2026 | Fixed rate (euros) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 20,714,535,000 | 38,593,629,000 |
2026 | Total variable rate debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 3,612,193,000 | 13,857,087,000 |
2026 | Variable rate (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 2,398,477,000 | 6,949,574,000 |
2026 | Variable rate (pesos) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 1,213,716,000 | 6,907,513,000 |
2027 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 146,108,988,000 | 173,687,822,000 |
2027 | Total fixed rate debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 142,421,497,000 | 170,098,886,000 |
2027 | Fixed rate (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 116,556,308,000 | 78,925,073,000 |
2027 | Fixed rate (Japanese yen) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 14,296,527,000 | |
2027 | Fixed rate (pesos) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 31,048,584,000 | |
2027 | Fixed rate (UDIs) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 22,428,519,000 | |
2027 | Fixed rate (euros) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 25,865,189,000 | 23,400,183,000 |
2027 | Total variable rate debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 3,687,491,000 | 3,588,936,000 |
2027 | Variable rate (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 2,487,239,000 | 3,382,861,000 |
2027 | Variable rate (pesos) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 1,200,252,000 | 206,075,000 |
2028 Thereafter | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 971,292,695,000 | 1,147,522,883,000 |
2028 Thereafter | Total fixed rate debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 963,298,693,000 | 1,135,097,709,000 |
2028 Thereafter | Fixed rate (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 895,763,628,000 | 1,032,384,964,000 |
2028 Thereafter | Fixed rate (UDIs) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 14,024,600,000 | 13,026,170,000 |
2028 Thereafter | Fixed rate (euros) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 53,510,465,000 | 89,686,575,000 |
2028 Thereafter | Total variable rate debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 7,994,002,000 | 12,425,174,000 |
2028 Thereafter | Variable rate (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 6,104,457,000 | 12,306,214,000 |
2028 Thereafter | Variable rate (pesos) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 1,889,545,000 | 118,960,000 |
Fair Value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 1,853,421,785,000 | 2,211,701,631,000 |
Fair Value | Total fixed rate debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 1,435,798,394,000 | 1,811,677,451,000 |
Fair Value | Fixed rate (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 1,011,100,409,000 | 1,294,291,227,000 |
Fair Value | Fixed rate (Japanese yen) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 14,691,136,000 | 18,454,292,000 |
Fair Value | Fixed rate (pound sterling) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 9,441,285,000 | 23,002,138,000 |
Fair Value | Fixed rate (pesos) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 182,158,536,000 | 171,407,986,000 |
Fair Value | Fixed rate (UDIs) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 37,120,498,000 | 35,287,367,000 |
Fair Value | Fixed rate (euros) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 173,811,236,000 | 260,931,866,000 |
Fair Value | Fixed rate (Swiss francs) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 7,475,294,000 | 8,302,575,000 |
Fair Value | Total variable rate debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 417,623,391,000 | 400,024,180,000 |
Fair Value | Variable rate (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 272,536,429,000 | 274,925,000,000 |
Fair Value | Variable rate (euros) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | 13,497,422,000 | 15,241,361,000 |
Fair Value | Variable rate (pesos) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Outstanding debt | $ 131,589,540,000 | $ 109,857,819,000 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Summary of Quantitative Disclosure of Cash Flow's Maturities (Detail) | 12 Months Ended | |
Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | |
Buy Put, Sell Put and Sell Call on Japanese yen | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | $ 11,845,210,000 | $ 14,308,629,000 |
Buy Call, Sell Call and Sell Put on euros | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 67,025,201,000 | 75,474,100,000 |
Sell Call on pounds sterling | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 10,556,234,000 | 12,534,024,000 |
Sell Call on Swiss francs | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 7,664,921,000 | 8,229,792,000 |
Sell Call on Euros | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 96,640,987,000 | 122,864,814,000 |
2023 | Sell Call on Swiss francs | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 7,664,921,000 | |
2023 | Sell Call on Euros | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 13,508,955,000 | 14,041,693,000 |
2024 | Buy Call, Sell Call and Sell Put on euros | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 25,978,760,000 | |
2024 | Sell Call on Swiss francs | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 8,229,792,000 | |
2024 | Sell Call on Euros | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 15,211,834,000 | |
2025 | Buy Call, Sell Call and Sell Put on euros | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 15,067,681,000 | 29,253,527,000 |
2025 | Sell Call on pounds sterling | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 10,556,234,000 | |
2025 | Sell Call on Euros | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 13,508,955,000 | |
2026 | Buy Put, Sell Put and Sell Call on Japanese yen | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 11,845,210,000 | |
2026 | Buy Call, Sell Call and Sell Put on euros | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 16,967,046,000 | |
2026 | Sell Call on pounds sterling | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 12,534,024,000 | |
2026 | Sell Call on Euros | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 15,587,256,000 | 15,211,834,000 |
2027 | Buy Put, Sell Put and Sell Call on Japanese yen | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 14,308,629,000 | |
2027 | Sell Call on Euros | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 25,978,760,000 | 17,552,116,000 |
2028 Thereafter | Buy Call, Sell Call and Sell Put on euros | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 25,978,760,000 | 29,253,527,000 |
2028 Thereafter | Sell Call on Euros | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | 28,057,061,000 | 60,847,337,000 |
Fair Value | Buy Put, Sell Put and Sell Call on Japanese yen | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | (461,140,000) | (206,526,000) |
Fair Value | Buy Call, Sell Call and Sell Put on euros | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | (4,750,485,000) | (1,398,532,000) |
Fair Value | Sell Call on pounds sterling | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | (2,835,000) | (27,896,000) |
Fair Value | Sell Call on Swiss francs | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | (1,617,000) | (12,202,000) |
Fair Value | Sell Call on Euros | ||
Disclosure of detailed information about financial instruments [line items] | ||
Currency Options | $ (375,031,000) | $ (917,025,000) |
U.S. dollar | Interest Rate Swaps (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Variable to fixed | 9,952,307,000 | 15,305,776,000 |
U.S. dollar | Buy Cap, Sell Floor on floating in U.S. dollar LIBOR 1M | Buy Cap, Sell Floor on floating in U.S. dollar LIBOR 1M | ||
Disclosure of detailed information about financial instruments [line items] | ||
Buy Cap, Sell Floor on floating in U.S. dollar LIBOR 1M | $ 48,535,750,000 | $ 51,458,750,000 |
U.S. dollar | 2023 | Interest Rate Swaps (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Variable to fixed | 4,346,428,000 | 4,754,104,000 |
Average pay rate | 2.37% | 2.43% |
Average receive rate | 5.45% | 0.86% |
U.S. dollar | 2024 | Interest Rate Swaps (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Variable to fixed | 3,227,627,000 | 4,608,186,000 |
Average pay rate | 2.35% | 2.37% |
Average receive rate | 5.07% | 1.65% |
U.S. dollar | 2024 | Buy Cap, Sell Floor on floating in U.S. dollar LIBOR 1M | Buy Cap, Sell Floor on floating in U.S. dollar LIBOR 1M | ||
Disclosure of detailed information about financial instruments [line items] | ||
Buy Cap, Sell Floor on floating in U.S. dollar LIBOR 1M | $ 48,535,750,000 | |
U.S. dollar | 2025 | Interest Rate Swaps (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Variable to fixed | 2,378,252,000 | 3,422,007,000 |
Average pay rate | 2.31% | 2.35% |
Average receive rate | 4.34% | 2.12% |
U.S. dollar | 2025 | Buy Cap, Sell Floor on floating in U.S. dollar LIBOR 1M | Buy Cap, Sell Floor on floating in U.S. dollar LIBOR 1M | ||
Disclosure of detailed information about financial instruments [line items] | ||
Buy Cap, Sell Floor on floating in U.S. dollar LIBOR 1M | $ 51,458,750,000 | |
U.S. dollar | 2026 | Interest Rate Swaps (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Variable to fixed | 2,521,479,000 | |
Average pay rate | 0% | 2.31% |
Average receive rate | 0% | 2.26% |
U.S. dollar | 2027 | Interest Rate Swaps (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average pay rate | 0% | 0% |
Average receive rate | 0% | 0% |
U.S. dollar | 2028 Thereafter | Interest Rate Swaps (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average pay rate | 0% | 0% |
Average receive rate | 0% | 0% |
U.S. dollar | Fair Value | Interest Rate Swaps (U.S. dollars) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Variable to fixed | 409,459,000 | (263,340,000) |
U.S. dollar | Fair Value | Buy Cap, Sell Floor on floating in U.S. dollar LIBOR 1M | Buy Cap, Sell Floor on floating in U.S. dollar LIBOR 1M | ||
Disclosure of detailed information about financial instruments [line items] | ||
Buy Cap, Sell Floor on floating in U.S. dollar LIBOR 1M | $ 2,263,382,000 | $ (323,852,000) |
Receive euros/Pay U.S. dollars | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 212,323,001,000 | 263,781,919,000 |
Receive euros/Pay U.S. dollars | 2023 | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 45,303,255,000 | 36,728,355,000 |
Receive euros/Pay U.S. dollars | 2024 | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 25,853,538,000 | 48,031,582,000 |
Receive euros/Pay U.S. dollars | 2025 | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 37,200,560,000 | 27,410,532,000 |
Receive euros/Pay U.S. dollars | 2026 | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 21,259,267,000 | 40,585,768,000 |
Receive euros/Pay U.S. dollars | 2027 | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 26,074,861,000 | 23,338,421,000 |
Receive euros/Pay U.S. dollars | 2028 Thereafter | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 56,631,520,000 | 87,687,261,000 |
Receive euros/Pay U.S. dollars | Fair Value | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | (11,745,814,000) | (4,217,800,000) |
Receive Japanese yen/Pay U.S. dollars | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 4,685,672,000 | 4,967,860,000 |
Receive Japanese yen/Pay U.S. dollars | 2023 | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 4,685,672,000 | |
Receive Japanese yen/Pay U.S. dollars | 2024 | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 4,967,860,000 | |
Receive Japanese yen/Pay U.S. dollars | Fair Value | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | (231,855,000) | 70,651,000 |
Receive pounds sterling/Pay U.S. dollars | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 11,486,665,000 | 22,505,732,000 |
Receive pounds sterling/Pay U.S. dollars | 2023 | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 10,327,298,000 | |
Receive pounds sterling/Pay U.S. dollars | 2025 | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 11,486,665,000 | |
Receive pounds sterling/Pay U.S. dollars | 2026 | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 12,178,434,000 | |
Receive pounds sterling/Pay U.S. dollars | Fair Value | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | (1,123,000,000) | (94,957,000) |
Receive UDI/Pay pesos | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 31,733,673,000 | 30,513,213,000 |
Receive UDI/Pay pesos | 2025 | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 3,063,181,000 | |
Receive UDI/Pay pesos | 2026 | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 17,076,001,000 | 3,063,181,000 |
Receive UDI/Pay pesos | 2027 | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 0 | 17,076,001,000 |
Receive UDI/Pay pesos | 2028 Thereafter | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 11,594,491,000 | 10,374,031,000 |
Receive UDI/Pay pesos | Fair Value | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 6,147,449,000 | 6,159,382,000 |
Receive Swiss francs/Pay U.S. dollars | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 7,086,220,000 | 7,512,978,000 |
Receive Swiss francs/Pay U.S. dollars | 2023 | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 7,086,220,000 | |
Receive Swiss francs/Pay U.S. dollars | 2024 | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 7,512,978,000 | |
Receive Swiss francs/Pay U.S. dollars | Fair Value | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 620,453,000 | 524,471,000 |
Receive U.S. dollars / Pay pesos | FX Forwards | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 12,340,413,000 | |
Receive U.S. dollars / Pay pesos | 2023 | FX Forwards | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 12,340,413,000 | |
Receive U.S. dollars / Pay pesos | Fair Value | FX Forwards | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cross-currency swaps | 3,575,000 | |
U.S. dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Closing foreign exchange rate | 19.4143 | 20.5835 |
Euro | ||
Disclosure of detailed information about financial instruments [line items] | ||
Closing foreign exchange rate | $ 20.7083 | $ 23.4086 |
Derivative Financial Instrum_10
Derivative Financial Instruments - Summary of Financial Liabilities Interest And Principal Cash Flow Maturities (Detail) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | May 31, 2022 USD ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) |
Disclosure of detailed information about financial instruments [line items] | |||||
Suppliers | $ 14,538,008 | $ 282,245,250,000 | $ 264,056,358,000 | ||
Accounts and accrued expenses payable | $ 4,213,823 | 81,808,426,000 | 32,015,808,000 | ||
Leases | 51,131,575,000 | 59,351,649,000 | $ 63,184,128,000 | ||
Debt | 1,853,421,785,000 | $ 1,984,689 | 2,211,701,630,000 | ||
U.S. dollar | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Closing foreign exchange rate | 19.4143 | 20.5835 | |||
Japanese yen | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Closing foreign exchange rate | 0.1470 | 0.1789 | |||
Pounds sterling | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Closing foreign exchange rate | 23.3496 | 27.8834 | |||
UDI | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Closing foreign exchange rate | 7.646804 | 7.108233 | |||
Euro | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Closing foreign exchange rate | 20.7083 | 23.4086 | |||
Swiss francs | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Closing foreign exchange rate | 20.9791 | 22.5924 | |||
Total carrying amount | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Suppliers | 282,245,250,000 | 264,056,358,000 | |||
Accounts and accrued expenses payable | 81,808,426,000 | 32,015,808,000 | |||
Leases | 51,131,575,000 | 59,351,648,000 | |||
Debt | 2,091,463,996,000 | 2,249,695,894,000 | |||
Total | 2,506,649,247,000 | 2,605,119,708,000 | |||
Total | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Suppliers | 282,245,250,000 | 264,056,358,000 | |||
Accounts and accrued expenses payable | 81,808,426,000 | 32,015,808,000 | |||
Leases | 81,286,911,000 | 93,063,568,000 | |||
Debt | 3,424,324,431,000 | 3,657,991,417,000 | |||
Total | 3,869,665,018,000 | 4,047,127,151,000 | |||
Maturity Period One | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Suppliers | 282,245,250,000 | 264,056,358,000 | |||
Accounts and accrued expenses payable | 81,808,426,000 | 32,015,808,000 | |||
Leases | 12,675,801,000 | 12,605,808,000 | |||
Debt | 589,247,128,000 | 476,595,081,000 | |||
Total | 965,976,605,000 | 785,273,055,000 | |||
Maturity Period Two | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Leases | 9,520,188,000 | 9,419,274,000 | |||
Debt | 364,516,602,000 | 345,041,866,000 | |||
Total | 374,036,790,000 | 354,461,140,000 | |||
Maturity Period Three | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Leases | 7,597,880,000 | 8,532,225,000 | |||
Debt | 180,784,946,000 | 278,703,016,000 | |||
Total | 188,382,826,000 | 287,235,241,000 | |||
Maturity Period Four | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Leases | 6,872,446,000 | 7,607,774,000 | |||
Debt | 248,156,834,000 | 188,640,855,000 | |||
Total | 255,029,280,000 | 196,248,629,000 | |||
Maturity Period Five | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Leases | 6,326,035,000 | 6,623,833,000 | |||
Debt | 213,073,284,000 | 254,935,624,000 | |||
Total | 219,399,319,000 | 261,559,457,000 | |||
Maturity Period After Year Five | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Leases | 38,294,561,000 | 48,274,654,000 | |||
Debt | 1,828,545,637,000 | 2,114,074,975,000 | |||
Total | $ 1,866,840,198,000 | $ 2,162,349,629,000 |
Derivative Financial Instrum_11
Derivative Financial Instruments - Summary of Fair Values and Notional Amounts of DFIs (Detail) € in Thousands, $ in Thousands | Dec. 31, 2022 MXN ($) MMB | Dec. 31, 2021 MXN ($) MMB | Dec. 31, 2021 EUR (€) MMB |
Subtotal | |||
Disclosure of detailed information about financial instruments [line items] | |||
Fair Value | $ (9,251,035) | $ (704,052) | |
PEMEX pays fixed in U.S. dollar and receives floating in 3-month U.S. dollar LIBOR + spread. | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 4,246,878 | 7,075,578 | |
Fair Value | 122,931 | (137,382) | |
PEMEX pays fixed in U.S. dollar and receives floating in 6-month U.S. dollar LIBOR + spread. | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 5,678,683 | 8,027,565 | |
Fair Value | 286,469 | (123,206) | |
PEMEX pays the 28-day TIIE + spread in pesos and receives fixed in UDI. | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 31,733,673 | 30,513,214 | |
Fair Value | 6,147,449 | 6,159,382 | |
PEMEX pays fixed in U.S. dollar and receives fixed in Japanese yen. | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 4,685,672 | 4,967,860 | |
Fair Value | (231,856) | 70,651 | |
PEMEX pays floating in 3-month U.S. dollar LIBOR + spread and receives floating in 3-month euro LIBOR + spread. | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 14,868,234 | 15,763,653 | |
Fair Value | (1,361,333) | (471,040) | |
PEMEX pays fixed in U.S. dollar and receives fixed in euro. | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 197,454,768 | 248,018,268 | |
Fair Value | (10,384,481) | (3,746,760) | |
PEMEX pays floating in 6-month U.S. dollar LIBOR + spread and receives fixed in Pound sterling. | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 0 | 10,327,298 | |
Fair Value | 0 | (14,455) | |
PEMEX pays fixed in U.S. dollar and receives fixed in Pound sterling. | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 11,486,665 | 12,178,434 | |
Fair Value | (1,123,000) | (80,503) | |
PEMEX pays fixed in U.S. dollar and receives fixed in CHF. | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 7,086,220 | 7,512,978 | |
Fair Value | 620,453 | 524,471 | |
PEMEX Buy Cap, Sell Floor on floating in U.S. dollar LIBOR 1M. | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 48,535,750 | 51,458,750 | |
Fair Value | 2,263,382 | (323,852) | |
PEMEX Buy Put, Sell Put and Sell Call on Japanese yen | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 11,845,210 | 14,308,629 | |
Fair Value | (461,140) | (206,526) | |
PEMEX Buy call, Sell Call and Sell Put on euro | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 67,025,201 | 75,474,101 | |
Fair Value | (4,750,485) | (1,398,532) | |
PEMEX Sell Call on Pound sterling | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 10,556,234 | 12,534,024 | |
Fair Value | (2,835) | (27,896) | |
PEMEX Sell Call on CHF | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 7,664,921 | 8,229,792 | |
Fair Value | (1,617) | (12,202) | |
PEMEX Sell Call on euro | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 96,640,988 | 122,864,815 | |
Fair Value | (375,031) | (917,025) | |
PEMEX pays Pesos and receives U.S. dollar. | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 0 | 12,340,413 | |
Fair Value | 0 | 3,575 | |
PEMEX pays fixed in U.S. dollar and receives floating in U.S. dollar LIBOR 1M. | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 26,746 | 202,632 | |
Fair Value | $ 59 | $ (2,752) | |
Subtotal | |||
Disclosure of detailed information about financial instruments [line items] | |||
Volume (MMb) | (235,453) | (458,068) | |
Crude oil Options | |||
Disclosure of detailed information about financial instruments [line items] | |||
Fair Value | $ (207,494) | $ (458,068) | |
Volume (MMb) | MMB | 34.90 | 54.10 | 54.10 |
Crack spread swaps | |||
Disclosure of detailed information about financial instruments [line items] | |||
Fair Value | $ (27,959) | $ 0 | |
Volume (MMb) | MMB | 0.59 | 0 | 0 |
Notional Amount | € | € 1,250 | ||
Total | $ (9,486,488) | $ (1,162,120) | |
Futures | Exchange traded | |||
Disclosure of detailed information about financial instruments [line items] | |||
Fair Value | $ (263,060) | $ (4,677) | |
Volume (MMb) | MMB | (1.48) | (0.61) | (0.61) |
Petroleum Products Swaps | Exchange traded | |||
Disclosure of detailed information about financial instruments [line items] | |||
Fair Value | $ 146,828 | $ (28,389) | |
Volume (MMb) | MMB | (2.27) | (2.31) | (2.31) |
Derivative Financial Instrum_12
Derivative Financial Instruments - Summary of Fair Value of DFIs included in Statement of Financial Position (Detail) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Net total | $ (9,486,488) | $ (1,162,120) |
Derivatives not designated as hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total assets | 12,755,568 | 12,473,967 |
Total liabilities | (22,242,056) | (13,636,086) |
Net total | (9,486,488) | (1,162,119) |
Derivatives not designated as hedges | Forwards | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total assets | 0 | 22,896 |
Total liabilities | 0 | (19,321) |
Derivatives not designated as hedges | Crude oil options | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total liabilities | (207,494) | (458,068) |
Derivatives not designated as hedges | Currency options | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total assets | 0 | 164,218 |
Total liabilities | (5,211,625) | (1,769,276) |
Derivatives not designated as hedges | Interest rate options | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total assets | 2,263,382 | 0 |
Total liabilities | 0 | (323,852) |
Derivatives not designated as hedges | Crack spread swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total liabilities | (27,959) | 0 |
Derivatives not designated as hedges | Cross-currency swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total assets | 10,082,786 | 12,286,853 |
Total liabilities | (16,795,037) | (10,802,229) |
Derivatives not designated as hedges | Interest rate swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total assets | 409,400 | 0 |
Total liabilities | $ 59 | $ (263,340) |
Derivative Financial Instrum_13
Derivative Financial Instruments - Summary of Net Gain (Loss) Recognized in Income on Derivative Financial Instruments (Detail) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Crack spread swaps | |||
Disclosure of detailed information about financial instruments [line items] | |||
Amount of gain (loss) recognized in the Statement of operations on derivatives | $ (27,883) | ||
Derivatives not designated as hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Amount of gain (loss) recognized in the Statement of operations on derivatives | (22,862,951) | $ (25,224,243) | $ 17,096,141 |
Derivatives not designated as hedges | Forwards | |||
Disclosure of detailed information about financial instruments [line items] | |||
Amount of gain (loss) recognized in the Statement of operations on derivatives | (57,874) | 255,045 | 0 |
Derivatives not designated as hedges | Futures | |||
Disclosure of detailed information about financial instruments [line items] | |||
Amount of gain (loss) recognized in the Statement of operations on derivatives | (1,871,162) | (1,478,143) | (1,612,650) |
Derivatives not designated as hedges | Crude oil options | |||
Disclosure of detailed information about financial instruments [line items] | |||
Amount of gain (loss) recognized in the Statement of operations on derivatives | (3,038,638) | (2,373,131) | 4,996,014 |
Derivatives not designated as hedges | Currency options | |||
Disclosure of detailed information about financial instruments [line items] | |||
Amount of gain (loss) recognized in the Statement of operations on derivatives | (3,592,393) | (4,791,503) | 2,698,748 |
Derivatives not designated as hedges | Interest rate options | |||
Disclosure of detailed information about financial instruments [line items] | |||
Amount of gain (loss) recognized in the Statement of operations on derivatives | 2,664,631 | 522,241 | (1,802,514) |
Derivatives not designated as hedges | Crack spread swaps | |||
Disclosure of detailed information about financial instruments [line items] | |||
Amount of gain (loss) recognized in the Statement of operations on derivatives | 0 | 0 | |
Derivatives not designated as hedges | Cross-currency swaps | |||
Disclosure of detailed information about financial instruments [line items] | |||
Amount of gain (loss) recognized in the Statement of operations on derivatives | (17,511,767) | (17,344,621) | 13,770,849 |
Derivatives not designated as hedges | Crude oil futures swaps | |||
Disclosure of detailed information about financial instruments [line items] | |||
Amount of gain (loss) recognized in the Statement of operations on derivatives | 0 | (146,350) | (176,341) |
Derivatives not designated as hedges | Interest rate swaps | |||
Disclosure of detailed information about financial instruments [line items] | |||
Amount of gain (loss) recognized in the Statement of operations on derivatives | $ 572,135 | $ 132,219 | $ (777,965) |
Employee Benefits - Summary of
Employee Benefits - Summary of Amounts Associated With PEMEX's Labor Obligations (Detail) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of defined benefit plans [line items] | |||
Total liability for defined benefits recognized in the consolidated statement of financial position at the end of the year | $ 1,306,886,675 | $ 1,384,071,648 | |
Liability for defined benefits at retirement and post-employment at the end of the year | |||
Disclosure of defined benefit plans [line items] | |||
Total liability for defined benefits recognized in the consolidated statement of financial position at the end of the year | 1,295,765,636 | 1,371,307,692 | $ 1,516,671,029 |
Liability for other long-term benefits | |||
Disclosure of defined benefit plans [line items] | |||
Total liability for defined benefits recognized in the consolidated statement of financial position at the end of the year | $ 11,121,039 | $ 12,763,956 | $ 18,497,057 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - MXN ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of defined benefit plans [line items] | ||||||
Assets (liabilities) recognized in the balance sheet (DC- warranty) | $ 2,348,557 | $ 2,417,049 | ||||
Expense in the income statement (net cost for the period, CD-guarantee) | 452,913 | 467,765 | ||||
Forecast | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Expected payments | $ 85,750,924 | |||||
Long term expected benefit payments | $ 326,674 | |||||
Financing income | Government Bonds | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Interest income | 7,534,938 | 7,094,180 | ||||
Payment received | 7,455,715 | |||||
Plan Assets | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Plan assets at fair value | $ 2,289,697 | $ 2,233,490 | 2,233,490 | $ 2,289,697 | $ 2,438,724 | |
Affiliated Companies | Plan Assets | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Plan assets at fair value | 2,066,467 | 2,066,467 | ||||
FOLAPE | Plan Assets | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Plan assets at fair value | 167,023 | $ 167,023 | ||||
Pensions and retirement plans | PEMEX | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Promissory note principle amount | $ 15,277,401 | |||||
Promissory note interest amount | $ 7,544,895 | |||||
Actuarial assumption of discount rates | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Percentage of increase in the assumed variation rate | 8.46% | 9.39% | 9.39% | 8.46% | ||
Actuarial assumption of discount rate increase or decrease of one percentage | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Percentage of increase in the assumed variation rate | 12.39% | 12.39% | ||||
Percentage of decrease in assumed variation rate | (10.39%) | (10.39%) | ||||
Actuarial assumption of discount rate increase or decrease of one percentage | Long term employee benefits | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Percentage of increase in the assumed variation rate | 18.64% | 18.64% | ||||
Percentage of decrease in assumed variation rate | (14.12%) | (14.12%) | ||||
Medical services of increase or decrease of one percentage point | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Percentage of increase in the assumed variation rate | 2.48% | 2.48% | ||||
Percentage of decrease in assumed variation rate | (2.20%) | (2.20%) | ||||
Medical services of increase or decrease of one percentage point | Long term employee benefits | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Percentage of increase in the assumed variation rate | 6.79% | 6.79% | ||||
Percentage of decrease in assumed variation rate | (4.55%) | (4.55%) | ||||
Actuarial assumption of inflation rates increase decrease of one percentage | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Percentage of increase in the assumed variation rate | 8.04% | 8.04% | ||||
Percentage of decrease in assumed variation rate | (7.18%) | (7.18%) | ||||
Actuarial assumption of inflation rates increase decrease of one percentage | Long term employee benefits | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Percentage of increase in the assumed variation rate | 0.50% | 0.50% | ||||
Percentage of decrease in assumed variation rate | (0.08%) | (0.08%) | ||||
Actuarial assumption of wage rates increase decrease of one percentage | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Percentage of increase in the assumed variation rate | 0.88% | 0.88% | ||||
Percentage of decrease in assumed variation rate | (1.05%) | (1.05%) | ||||
Actuarial assumption of wage rates increase decrease of one percentage | Long term employee benefits | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Percentage of increase in the assumed variation rate | 4% | 4% | ||||
Percentage of decrease in assumed variation rate | (3.25%) | (3.25%) |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Information Regarding PEMEX's Retirement and Post-Employment Benefits (Detail) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of defined benefit plans [Roll Forward] | ||
Defined benefit obligations at the beginning of the year | $ 1,384,071,648 | |
Current Service cost | 18,446,170 | $ 41,135,899 |
Actuarial losses (gains) in other comprehensive results due to: | ||
Change in financial assumptions | (150,264,079) | (266,985,561) |
Change in demographic assumptions | 2,403,864 | 44,085,779 |
For experience during the year | 16,188,726 | 2,581,184 |
Defined benefit liabilities at end of year | 1,306,886,675 | $ 1,384,071,648 |
Net actuarial gains recognized in other comprehensive income | $ (123,385,417) | |
Actuarial assumption of discount rates | ||
Actuarial losses (gains) in other comprehensive results due to: | ||
Percentage of increase in the assumed variation rate | 9.39% | 8.46% |
Plan Assets | ||
Disclosure of defined benefit plans [Roll Forward] | ||
Defined benefit obligations at the beginning of the year | $ 1,373,548,493 | $ 1,519,084,202 |
Current Service cost | 17,582,708 | 21,151,945 |
Past service costs | 524 | 34,573 |
Actuarial losses (gains) in other comprehensive results due to: | ||
Defined benefit liabilities at end of year | 1,297,920,118 | 1,373,548,493 |
Plan assets at the beginning of year | 2,289,697 | 2,438,724 |
Return on plan assets | 253,721 | 294,713 |
Payments by the pension fund | (68,534,502) | (64,623,601) |
Company contributions to the fund | 68,410,838 | 64,127,697 |
Actuarial (gains) losses in plan assets | (121,876) | 52,164 |
Adjustment to the Defined Contribution Plan | (64,388) | 0 |
Pension plan assets at the end of year | 2,233,490 | 2,289,697 |
Changes in the liability for defined benefits | ||
Disclosure of defined benefit plans [Roll Forward] | ||
Defined benefit obligations at the beginning of the year | 1,371,307,692 | 1,516,671,029 |
Past service costs | 524 | 34,573 |
Net interest | 112,552,382 | 104,524,369 |
Liquidation Event Loss | 1,971 | 49,032 |
Defined benefits paid by the fund | (6,673,574) | (6,608,749) |
Actuarial losses (gains) in other comprehensive results due to: | ||
Change in financial assumptions | (150,264,079) | (266,985,561) |
Change in demographic assumptions | 2,403,864 | 44,085,779 |
For experience during the year | 16,188,726 | 2,581,184 |
Assets of the plan during the year | 277,256 | (52,166) |
Contributions paid to the fund | (68,475,296) | (64,127,697) |
Defined benefit liabilities at end of year | $ 1,295,765,636 | $ 1,371,307,692 |
Employee Benefits - Summary o_3
Employee Benefits - Summary of Amounts and Types of Plan Assets (Detail) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of defined benefit plans [line items] | |||
Cash and cash equivalents | $ 168,367 | $ 32,199 | |
Debt instruments | 2,065,123 | 2,257,498 | |
Changes in Defined Benefit Obligations (DBO) | |||
Defined benefit obligations at the beginning of the year | 1,384,071,648 | ||
Service costs | 18,446,170 | 41,135,899 | |
Change in financial assumptions | (150,264,079) | (266,985,561) | |
Change in demographic assumptions | 2,403,864 | 44,085,779 | |
For experience during the year | 16,188,726 | 2,581,184 | |
Reductions | 1,971 | 0 | |
Modifications to the pension plan | 864,011 | 19,984,109 | |
Defined benefit liabilities at end of year | $ 1,306,886,675 | $ 1,384,071,648 | |
Actuarial assumption of discount rates | |||
Changes in Defined Benefit Obligations (DBO) | |||
Percentage of increase in the assumed variation rate | 9.39% | 8.46% | |
Plan Assets | |||
Disclosure of defined benefit plans [line items] | |||
Cash and cash equivalents | $ 168,367 | $ 32,199 | |
Debt instruments | 2,065,123 | 2,257,498 | |
Total | 2,233,490 | 2,289,697 | $ 2,438,724 |
Changes in Defined Benefit Obligations (DBO) | |||
Defined benefit obligations at the beginning of the year | 1,373,548,493 | 1,519,084,202 | |
Service costs | 17,582,708 | 21,151,945 | |
Financing costs | 112,801,977 | 104,844,611 | |
Past service costs | 524 | 34,573 | |
Payments by the fund | (75,208,077) | (71,232,349) | |
Defined benefit liabilities at end of year | $ 1,297,920,118 | $ 1,373,548,493 |
Employee Benefits - Summary o_4
Employee Benefits - Summary of Additional Fair value Disclosure About Plan Assets and Indicate Their Rank (Detail) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of fair value of plan assets [line items] | |||
Cash and cash equivalents | $ 168,367 | $ 32,199 | |
Debt instruments | 2,065,123 | 2,257,498 | |
Plan Assets | |||
Disclosure of fair value of plan assets [line items] | |||
Cash and cash equivalents | 168,367 | 32,199 | |
Debt instruments | 2,065,123 | 2,257,498 | |
Total | 2,233,490 | 2,289,697 | $ 2,438,724 |
Quoted prices in active markets for identical assets (level 1) | |||
Disclosure of fair value of plan assets [line items] | |||
Cash and cash equivalents | 168,367 | 32,199 | |
Debt instruments | 2,065,123 | 2,257,498 | |
Quoted prices in active markets for identical assets (level 1) | Plan Assets | |||
Disclosure of fair value of plan assets [line items] | |||
Total | 2,233,490 | 2,289,697 | |
Significant observable inputs (level 2) | |||
Disclosure of fair value of plan assets [line items] | |||
Cash and cash equivalents | 0 | 0 | |
Debt instruments | 0 | 0 | |
Significant observable inputs (level 2) | Plan Assets | |||
Disclosure of fair value of plan assets [line items] | |||
Total | 0 | 0 | |
Significant unobservable inputs (level 3) | |||
Disclosure of fair value of plan assets [line items] | |||
Cash and cash equivalents | 0 | 0 | |
Debt instruments | 0 | 0 | |
Significant unobservable inputs (level 3) | Plan Assets | |||
Disclosure of fair value of plan assets [line items] | |||
Total | $ 0 | $ 0 |
Employee Benefits - Summary o_5
Employee Benefits - Summary of Principal Actuarial Assumptions Used in Determining the Defined Benefit Obligation (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of defined benefit plans [line items] | ||
Average length of obligation (years) | 13 years 5 months 12 days | 14 years 4 months 17 days |
Liability for other long-term benefits | ||
Disclosure of defined benefit plans [line items] | ||
Average length of obligation (years) | 13 years 5 months 12 days | 14 years 4 months 17 days |
Rate of increase in salaries | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of principal actuarial assumptions used in determining the defined benefit obligation | 4.47% | 4.47% |
Rate of increase in salaries | Liability for other long-term benefits | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of principal actuarial assumptions used in determining the defined benefit obligation | 4.47% | 4.47% |
Rate of increase in pensions | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of principal actuarial assumptions used in determining the defined benefit obligation | 4% | 4% |
Rate of increase in post-mortem pensions | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of principal actuarial assumptions used in determining the defined benefit obligation | 0% | 0% |
Rate of increase in medical services | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of principal actuarial assumptions used in determining the defined benefit obligation | 7.65% | 7.65% |
Inflation assumption | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of principal actuarial assumptions used in determining the defined benefit obligation | 4% | 4% |
Inflation assumption | Liability for other long-term benefits | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of principal actuarial assumptions used in determining the defined benefit obligation | 4% | 4% |
Rate of increase in basic basket for active personnel | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of principal actuarial assumptions used in determining the defined benefit obligation | 5% | 5% |
Rate of increase in basic basket for active personnel | Liability for other long-term benefits | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of principal actuarial assumptions used in determining the defined benefit obligation | 5% | 5% |
Rate of increase in basic basket for retired personnel | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of principal actuarial assumptions used in determining the defined benefit obligation | 4% | 4% |
Rate of increase in basic basket for retired personnel | Liability for other long-term benefits | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of principal actuarial assumptions used in determining the defined benefit obligation | 4% | 4% |
Rate of increase in gas and gasoline | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of principal actuarial assumptions used in determining the defined benefit obligation | 4% | 4% |
Rate of increase in gas and gasoline | Liability for other long-term benefits | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of principal actuarial assumptions used in determining the defined benefit obligation | 4% | 4% |
Discount and return on plan assets rate | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of principal actuarial assumptions used in determining the defined benefit obligation | 9.39% | 8.46% |
Discount and return on plan assets rate | Liability for other long-term benefits | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of principal actuarial assumptions used in determining the defined benefit obligation | 9.39% | 8.46% |
Employee Benefits - Summary o_6
Employee Benefits - Summary of Amounts Recognized for Long-term Obligations (Detail) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in Defined Benefit Obligations (DBO) | ||
Defined benefit obligations at the beginning of the year | $ 1,384,071,648 | |
Actuarial (gains) losses recognized in income due to: | ||
Change in financial assumptions | (150,264,079) | $ (266,985,561) |
Change in demographic assumptions | 2,403,864 | 44,085,779 |
Defined benefit liabilities at end of year | 1,306,886,675 | 1,384,071,648 |
Liability for other long-term benefits | ||
Changes in Defined Benefit Obligations (DBO) | ||
Defined benefit obligations at the beginning of the year | 12,763,956 | 18,497,057 |
Charge to income for the year | 2,010,051 | 2,354,238 |
Actuarial (gains) losses recognized in income due to: | ||
Change in financial assumptions | (1,899,096) | (4,121,075) |
Change in demographic assumptions | (166,459) | (2,027,902) |
For experience during the year | (1,585,760) | (1,937,645) |
Benefits paid | (1,653) | (717) |
Defined benefit liabilities at end of year | $ 11,121,039 | $ 12,763,956 |
Provisions for Sundry Credito_3
Provisions for Sundry Creditors - Summary of Provisions for Sundry Creditors and Others (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | Dec. 31, 2019 MXN ($) |
Disclosure of other provisions [abstract] | |||||
Provision for plugging of wells (Note 13) | $ 66,699,388 | $ 70,144,756 | $ 77,125,513 | $ 80,849,900 | |
Provision for trails in process (Note 27) | 10,533,137 | 11,114,006 | 8,321,816 | 8,075,031 | |
Provision for environmental costs | 11,914,160 | 11,138,904 | 9,178,555 | $ 9,086,977 | |
Provisions | $ 4,591,805 | $ 89,146,685 | $ 92,397,666 | $ 94,625,884 |
Provisions for Sundry Credito_4
Provisions for Sundry Creditors - Summary of Allowance Account for Plugging of Wells, Trials in Progress and Environmental Costs (Detail) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance account for plugging of wells | |||
Balance at the beginning of the year | $ 70,144,756 | $ 77,125,513 | $ 80,849,900 |
(Decrease) Increase capitalized in fixed assets | (3,573,843) | (13,834,388) | (12,816,336) |
Unwinding of discount against income | 4,647,200 | 4,454,106 | 4,555,692 |
Unrealized foreign exchange loss (gains) | (3,984,400) | 2,454,810 | 4,766,921 |
Amount used | (534,325) | (55,285) | (230,664) |
Balance at the end of the year | 66,699,388 | 70,144,756 | 77,125,513 |
Allowance account for trials in progress | |||
Balance at the beginning of the year | 11,114,006 | 8,321,816 | 8,075,031 |
Additions against expenses | 3,137,470 | 4,818,298 | 972,692 |
Provision cancellation | (3,704,499) | (2,025,221) | (724,026) |
Amount used | (13,840) | (887) | (1,881) |
Balance at the end of the year | 10,533,137 | 11,114,006 | 8,321,816 |
Allowance costs for environmental costs | |||
Balance at the beginning of the year | 11,138,904 | 9,178,555 | 9,086,977 |
Additions against expenses | 1,711,108 | 2,424,037 | 1,669,063 |
Cancellation against expenses | (856,047) | (407,671) | (1,574,810) |
Amount used | (79,805) | (56,017) | (2,675) |
Balance at the end of the year | $ 11,914,160 | $ 11,138,904 | $ 9,178,555 |
Provisions for Sundry Credito_5
Provisions for Sundry Creditors - Additional Information (Detail) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of other provisions [line items] | |||
Discount rate effect in provision against fixed assets | $ 4,647,200 | $ 4,454,106 | $ 4,555,692 |
Bottom of range | U.S | |||
Disclosure of other provisions [line items] | |||
Discount rate yield | 9.38% | 3.114% | 3.268% |
Top of range | U.S | |||
Disclosure of other provisions [line items] | |||
Discount rate yield | 10.52% | 8.04% | 7.799% |
Provisions for Sundry Credito_6
Provisions for Sundry Creditors - Summary of provisions for plugging of wells (Detail) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Provision For Plugging Of Wells [Line Items] | ||||
Provisions for plugging of wells | $ 66,699,388 | $ 70,144,756 | $ 77,125,513 | $ 80,849,900 |
2023 | ||||
Disclosure Of Provision For Plugging Of Wells [Line Items] | ||||
Provisions for plugging of wells | 76,691 | |||
2024 | ||||
Disclosure Of Provision For Plugging Of Wells [Line Items] | ||||
Provisions for plugging of wells | 1,064,330 | |||
2025 | ||||
Disclosure Of Provision For Plugging Of Wells [Line Items] | ||||
Provisions for plugging of wells | 955,654 | |||
2026 | ||||
Disclosure Of Provision For Plugging Of Wells [Line Items] | ||||
Provisions for plugging of wells | 4,350,081 | |||
2027 | ||||
Disclosure Of Provision For Plugging Of Wells [Line Items] | ||||
Provisions for plugging of wells | 5,640,335 | |||
More than five years | ||||
Disclosure Of Provision For Plugging Of Wells [Line Items] | ||||
Provisions for plugging of wells | $ 54,612,297 |
Income Taxes and Duties - Summa
Income Taxes and Duties - Summary of Income Taxes and Duties Payable (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Disclosure of income taxes [line items] | ||||
Profit-sharing Duty | $ 20,161,432 | $ 391,420,083 | $ 306,827,282 | $ 154,609,136 |
Income tax | (3,669,422) | (71,239,244) | 520,840 | 30,962,939 |
Total income taxes and duties | $ 16,492,010 | 320,180,839 | 307,348,122 | $ 185,572,075 |
Hydrocarbons Extraction Duty | 129,801,061 | 81,982,589 | ||
Exploration Hydrocarbons Duty | 1,638,913 | 1,443,437 | ||
Other Income Taxes and Duties | ||||
Disclosure of income taxes [line items] | ||||
Profit-sharing Duty | 29,134,959 | 63,233,153 | ||
Income tax | 4,268,496 | 3,743,571 | ||
Total income taxes and duties | $ 33,403,455 | $ 66,976,724 | ||
Special Tax on Production and Services | 23,217,262 | 17,813,672 | ||
Hydrocarbons Extraction Duty | $ 6,895,491 | $ 17,723,515 | ||
Exploration Hydrocarbons Duty | 136,588 | 126,932 | ||
Exploration and Extraction Hydrocarbons Duty | 413,371 | 375,903 | ||
Withheld taxes | 5,800,188 | 9,165,475 | ||
Import taxes and duties | 13,028 | 13,028 | ||
Other contributions payable | 933,972 | 558,342 | ||
Total other taxes and duties | 37,409,900 | 45,776,867 | ||
Total other income taxes and duties | $ 70,813,355 | $ 112,753,591 |
Income Taxes and Duties - Addit
Income Taxes and Duties - Additional Information (Detail) | 12 Months Ended | ||||
Jan. 01, 2022 | Dec. 31, 2022 MXN ($) $ / l | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | Dec. 31, 2019 municipality state | |
Disclosure of income taxes [line items] | |||||
Percentage DUC tax rate | 40% | 54% | 58% | ||
Duties and income tax paid | $ | $ 431,444,989,000 | $ 265,883,549,000 | $ 172,369,522,000 | ||
Hydrocarbons Extraction Duty | $ | 129,801,061,000 | 81,982,589,000 | |||
Exploration Hydrocarbons Duty | $ | $ 1,638,913,000 | 1,443,437,000 | |||
Percentage of general VAT tax rate | 16% | ||||
Percentage VAT tax rate for certain activities with incentives | 0% | ||||
Percent of general VAT credit | 50% | ||||
Number of states | state | 6 | ||||
Number of municipalities | municipality | 43 | ||||
Payments of income tax | $ | $ 4,664,541,000 | 4,701,122,000 | |||
Percentage income tax rate | 30% | ||||
Deferred tax effect of actuarial gains and losses | $ | $ 8,075,854,000 | 13,582,084,000 | |||
Deferred Tax Assets | |||||
Disclosure of income taxes [line items] | |||||
Tax income | $ | 679,649,787,000 | 744,802,838,000 | |||
Accumulated effect of actuarial gains and losses | |||||
Disclosure of income taxes [line items] | |||||
Tax income | $ | $ (3,410,986,000) | 4,664,868,000 | |||
Tax regime applicable to contracts | |||||
Disclosure of income taxes [line items] | |||||
Tax payable for non-producing areas | $ | 1,548,880 | ||||
Tax payable for non-producing areas over 60 months | $ | 3,703,860 | ||||
Tax payable for extraction phase | $ | 8,081,170 | ||||
Tax payable for exploration phase | $ | 2,020,270 | ||||
Tax regime applicable to assignments | |||||
Disclosure of income taxes [line items] | |||||
Tax payable for non-producing areas | $ | 1,548,880 | ||||
Tax payable for extraction phase | $ | 2,020,270 | ||||
Tax payable for exploration phase | $ | 8,081,170 | ||||
Payments of income tax | $ | $ 226,653,000 | 211,095,000 | |||
Tax regime applicable to assignments after 60 months | |||||
Disclosure of income taxes [line items] | |||||
Tax payable for non-producing areas | $ | 3,703,860 | ||||
IEPS Tax on the Sale of Automotive Fuels | Magna Gasoline | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 5.49 | ||||
IEPS Tax on the Sale of Automotive Fuels | Premium Gasoline | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 4.64 | ||||
IEPS Tax on the Sale of Automotive Fuels | Diesel | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 6.04 | ||||
IEPS Tax on the Sale of Automotive Fuels | Lower Than 91 Octane Gasoline | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 91 | ||||
IEPS Tax on the Sale of Automotive Fuels | Greater Than 91 Octane Gasoline | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 91 | ||||
IEPS Tax in Favor of States, Municipalities and Territories | Premium Gasoline | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 48.47 | ||||
IEPS Tax in Favor of States, Municipalities and Territories | Diesel | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 40.23 | ||||
IEPS Tax in Favor of States, Municipalities and Territories | Less Than 91 Octanes Gasoline | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 91 | ||||
IEPS Tax in Favor of States, Municipalities and Territories | More Than 91 Octanes Gasoline | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 59.14 | ||||
IEPS Tax in Favor of States, Municipalities and Territories | Greater Than 91 Octane Gasoline | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 91 | ||||
IEPS Tax on Fossil Fuels | Diesel | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 17.66 | ||||
IEPS Tax on Fossil Fuels | Propane | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 8.30 | ||||
IEPS Tax on Fossil Fuels | Butane | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 10.74 | ||||
IEPS Tax on Fossil Fuels | Gasoline And Aviation Gasoline | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 14.56 | ||||
IEPS Tax on Fossil Fuels | Jet Fuel And Other Kerosene | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 17.39 | ||||
IEPS Tax on Fossil Fuels | Fuel Oil | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 18.85 | ||||
IEPS Tax on Fossil Fuels | Petroleum Coke | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 21.88 | ||||
IEPS Tax on Fossil Fuels | Coal Coke | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 51.29 | ||||
IEPS Tax on Fossil Fuels | Mineral Carbon | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 38.62 | ||||
IEPS Tax on Fossil Fuels | Carbon From Other Fossil Fuels | |||||
Disclosure of income taxes [line items] | |||||
Special Tax on Production and Services (IEPS Tax) | $ / l | 55.83 | ||||
Exploration | |||||
Disclosure of income taxes [line items] | |||||
Profit sharing duty | $ | $ 398,123,710,000 | 374,433,879,000 | |||
Profit sharing duty monthly installment | $ | 397,567,229,000 | 300,374,423,000 | |||
Fiscal credit (1) | $ | 73,280,000,000 | ||||
Profit sharing duty balance amount | $ | $ 556,481,000 | $ 779,456,000 | |||
Exploration | Changes in tax rates or tax laws enacted or announced | |||||
Disclosure of income taxes [line items] | |||||
Applicable tax rate of profit-sharing duty | 40% | 54% | |||
Percentage DUC tax rate | 40% |
Income Taxes and Duties - Sum_2
Income Taxes and Duties - Summary of Total DUC and Others (Detail) - DUC - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of income taxes [line items] | |||
DUC | $ 398,123,710 | $ 374,433,879 | $ 218,912,687 |
Fiscal credit (1) | 0 | (73,280,000) | (65,000,000) |
Deferred DUC expense | (6,703,627) | 5,673,403 | 696,449 |
Total DUC | $ 391,420,083 | $ 306,827,282 | $ 154,609,136 |
Income Taxes and Duties - Sum_3
Income Taxes and Duties - Summary of Principal Factors Generating the Deferred DUC (Detail) - DUC - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred DUC asset | ||
Tax credits | $ 454,631,317 | $ 571,306,914 |
Deferred Profit-sharing duty liability: | ||
Wells, pipelines, properties, plant and equipment | (171,170,789) | (241,237,295) |
Deferred DUC asset net | 283,460,528 | 330,069,619 |
Unrecognized Deferred DUC | (274,008,700) | (327,321,418) |
Net, deferred DUC asset | $ 9,451,828 | $ 2,748,201 |
Income Taxes and Duties - Sum_4
Income Taxes and Duties - Summary of Expected Benefit for DUC (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Disclosure of income taxes [abstract] | ||||
Expected expense (benefit): | $ 236,421,472 | $ 147,520,595 | $ (20,837,768) | |
Increase (decrease) resulting from: | ||||
Expected benefit contract | (4,987,552) | (5,333,064) | (496,643) | |
Non-cumulative profit | (778,566,830) | (1,252,957,737) | (2,291,937,519) | |
Non-deductible expenses | 547,132,910 | 1,110,770,206 | 2,313,271,930 | |
Production value | 526,040,742 | 507,997,938 | 321,353,133 | |
Deductible duties | (51,920,424) | (44,270,598) | (21,850,672) | |
DUC tax credit | 0 | (73,280,000) | (65,000,000) | |
Deferred DUC (benefit) expense | (6,703,627) | 5,673,403 | 696,449 | |
Deductions cap | (75,996,608) | (89,293,461) | (80,589,774) | |
DUC-Profit-sharing duty expense | $ 20,161,432 | $ 391,420,083 | $ 306,827,282 | $ 154,609,136 |
Income Taxes and Duties - Sum_5
Income Taxes and Duties - Summary of Income Tax Expense (Benefit) (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Disclosure of income taxes [line items] | ||||
Total duties, taxes and other | $ 16,492,010 | $ 320,180,839 | $ 307,348,122 | $ 185,572,075 |
PEMEX | ||||
Disclosure of income taxes [line items] | ||||
Current income tax | 5,939,990 | 3,573,731 | 5,370,822 | |
Deferred income tax | (77,179,234) | (3,052,891) | 25,592,117 | |
Total duties, taxes and other | $ (71,239,244) | $ 520,840 | $ 30,962,939 |
Income Taxes and Duties - Sum_6
Income Taxes and Duties - Summary of Principal Factors Generating Deferred Income Tax (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) |
Deferred income tax liability: | ||||
Total deferred income tax liability | $ (353,607) | $ (6,865,025) | $ (3,341,350) | |
PEMEX | ||||
Deferred income tax asset: | ||||
Provisions | 11,921,054 | 11,032,260 | $ 8,919,555 | |
Employee benefits provision | 57,214,536 | 61,711,054 | 71,640,981 | |
Advance payments from clients | 220,215 | 176,967 | 188,283 | |
Accrued liabilities | 7,771,316 | 2,676,964 | 1,681,362 | |
Non-recoverable accounts receivable | 127,843 | 24,890 | 102,435 | |
Derivative financial instruments | 34,870 | 10,746 | 41,735 | |
Wells, pipelines, properties and equipment | 8,462,555 | 5,452,609 | 5,151,623 | |
Tax loss carry-forwards | 76,428,341 | 8,468,185 | 12,427,658 | |
Deferred DUC asset net | 162,180,730 | 89,553,675 | 100,153,632 | |
Deferred income tax liability: | ||||
Wells, pipelines, properties, plant and equipment | (5,070,345) | (1,191,034) | (1,101,832) | |
Other | (1,794,680) | (2,150,316) | (2,310,282) | |
Total deferred income tax liability | (6,865,025) | (3,341,350) | (3,412,114) | |
Net, deferred DUC asset | 155,315,705 | 86,212,325 | $ 96,741,518 | |
PEMEX | Recognized in profit and loss | ||||
Deferred income tax asset: | ||||
Provisions | 888,794 | 2,112,705 | ||
Employee benefits provision | 3,579,336 | 3,652,157 | ||
Advance payments from clients | 43,248 | (11,316) | ||
Accrued liabilities | 5,094,352 | 995,602 | ||
Non-recoverable accounts receivable | 102,953 | (77,545) | ||
Derivative financial instruments | 24,124 | (30,989) | ||
Wells, pipelines, properties and equipment | 3,009,946 | 300,986 | ||
Tax loss carry-forwards | 67,960,156 | (3,959,473) | ||
Deferred DUC asset net | 80,702,909 | 2,982,127 | ||
Deferred income tax liability: | ||||
Wells, pipelines, properties, plant and equipment | (3,879,311) | (89,202) | ||
Other | 355,636 | 159,966 | ||
Total deferred income tax liability | (3,523,675) | 70,764 | ||
Net, deferred DUC asset | 77,179,234 | 3,052,891 | ||
PEMEX | Recognized in OCI | ||||
Deferred income tax asset: | ||||
Provisions | 0 | 0 | ||
Employee benefits provision | (8,075,854) | (13,582,084) | ||
Advance payments from clients | 0 | 0 | ||
Accrued liabilities | 0 | 0 | ||
Non-recoverable accounts receivable | 0 | 0 | ||
Derivative financial instruments | 0 | 0 | ||
Wells, pipelines, properties and equipment | 0 | 0 | ||
Tax loss carry-forwards | 0 | 0 | ||
Deferred DUC asset net | (8,075,854) | (13,582,084) | ||
Deferred income tax liability: | ||||
Wells, pipelines, properties, plant and equipment | 0 | 0 | ||
Other | 0 | 0 | ||
Total deferred income tax liability | 0 | 0 | ||
Net, deferred DUC asset | $ (8,075,854) | $ (13,582,084) |
Income Taxes and Duties - Sum_7
Income Taxes and Duties - Summary of Expense (Benefit) Attributable to Profit (Loss) from Continuing Operations before Income Taxes (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Disclosure of income taxes [line items] | ||||
Deductible Duty | $ (51,920,424) | $ (44,270,598) | $ (21,850,672) | |
Total duties, taxes and other | $ 16,492,010 | 320,180,839 | 307,348,122 | 185,572,075 |
PEMEX | ||||
Disclosure of income taxes [line items] | ||||
Expected income tax expense | 163,937,963 | 69,725,125 | 28,835,256 | |
Tax effect of inflation-net | (23,533,416) | 30,058,116 | 5,694,637 | |
Fiscal updating of pipelines, properties and equipment | 0 | 0 | (161,883) | |
Deductible Duty | (119,437,113) | (90,346,164) | 0 | |
Unrecognized deferred tax change | (99,334,219) | (20,941,629) | 0 | |
Expected expenses from contracts | 0 | 1,311,975 | 0 | |
Retirement benefits | 7,930,425 | 1,101,292 | (8,206,693) | |
Non-deductible expenses | 16,019,493 | 3,113,625 | 2,405,635 | |
Others-net | (16,822,377) | 6,498,500 | 2,395,987 | |
Total duties, taxes and other | $ (71,239,244) | $ 520,840 | $ 30,962,939 |
Equity (Deficit) - Additional I
Equity (Deficit) - Additional Information (Detail) $ in Thousands | 4 Months Ended | 12 Months Ended | |||||||
Apr. 27, 2023 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | Jan. 31, 2023 USD ($) | Jan. 31, 2023 MXN ($) | Dec. 31, 2022 MXN ($) | May 31, 2022 USD ($) | |
Disclosure of equity [line items] | |||||||||
Increase decrease through proceeds from FONADIN grants | $ 23,000,000 | ||||||||
Net actuarial losses in other comprehensive income (loss) net of deferred income tax | 123,385,417 | $ 205,401,008 | |||||||
Post-employment benefit expense, defined benefit plans | (8,075,854) | $ (13,582,084) | |||||||
Percentage of discount and return on plan asset | 9.39% | 8.46% | 9.39% | ||||||
Net income (loss) | $ 5,150,763,000 | 99,998,470 | $ (294,775,877) | $ (509,052,065) | |||||
Net income (loss) | 99,998,470 | (294,775,877) | (509,052,065) | ||||||
Negative equity amount | (2,170,000,783) | $ (1,768,822,225) | |||||||
Negative working capital | 401,842,480 | $ 464,254,286 | |||||||
Indebtedness that may be used to partially cover financial balance in next year | 142,200,000 | 27,068,400 | |||||||
Short- term debt principal maturities | 465,947,683 | ||||||||
Percentage of share profit duty | 54% | ||||||||
Equity contributions | 188,306,717 | $ 316,354,129 | 46,256,000 | ||||||
Bank indebtedness | 29,912,400 | ||||||||
Reduction of debt | 57,028,030,000 | 1,107,159,280 | 1,707,581,580 | 1,151,962,147 | |||||
Crude oil price per barrel | $ 68.7 | ||||||||
Gain (loss) on non-controlling interest | $ (288,610) | 128,502 | $ 369,692 | ||||||
Principal amount outstanding U.S.$ | $ 2,211,701,630 | $ 1,853,421,785 | $ 1,984,689,000 | ||||||
Deer Park Refining Limited | |||||||||
Disclosure of equity [line items] | |||||||||
Acquired percentage | 50.005% | 50.005% | 50.005% | ||||||
Federal budget | |||||||||
Disclosure of equity [line items] | |||||||||
Negative budget financial balance | $ 0 | ||||||||
Changes in tax rates or tax laws enacted or announced | |||||||||
Disclosure of equity [line items] | |||||||||
Percentage of share profit duty | 40% | 40% | |||||||
Subsequent event | |||||||||
Disclosure of equity [line items] | |||||||||
Equity contributions | $ 7,200,000 | ||||||||
Subsequent event | Two Thousand And Twenty Three Notes | |||||||||
Disclosure of equity [line items] | |||||||||
Principal amount outstanding U.S.$ | $ 41,200,000 | ||||||||
Subsequent event | Forecast | |||||||||
Disclosure of equity [line items] | |||||||||
Bank indebtedness | $ 142,200,000 | $ 27,068,400 | |||||||
Contributions A | |||||||||
Disclosure of equity [line items] | |||||||||
Increase in certificates of contribution | $ 188,306,717 | $ 316,354,129 |
Equity (Deficit) - Summary of C
Equity (Deficit) - Summary of Certificate of Contribution "A" (Detail) - Contributions A - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of equity [line items] | ||
Certificates of Contribution, Beginning Balance | $ 841,285,576 | $ 524,931,447 |
Increase in certificates of contribution | 188,306,717 | 316,354,129 |
Certificates of Contribution, Ending Balance | $ 1,029,592,293 | $ 841,285,576 |
Equity (Deficit) - Summary of G
Equity (Deficit) - Summary of Government Contributions to Petroleos Mexicanos through the Ministry of Energy (Detail) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | $ 129,818,286 | |
Strengthening of financial position | 45,437,539 | |
Rehabilitation Plan of the refineries | 13,050,892 | |
Contributions A | ||
Disclosure of government contributions [line item] | ||
Increase in certificates of contribution | 188,306,717 | $ 316,354,129 |
January 21 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 7,500,000 | |
Strengthening of financial position | 19,321,641 | |
February 14 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 7,500,000 | |
March 8 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 7,500,000 | |
Strengthening of financial position | 26,115,898 | |
April 28 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 762,100 | |
May 26 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 21,737,900 | |
July 29 | ||
Disclosure of government contributions [line item] | ||
Rehabilitation Plan of the refineries | 969,342 | |
August 19 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 4,000,000 | |
August 30 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 2,000,000 | |
September 6 | ||
Disclosure of government contributions [line item] | ||
Rehabilitation Plan of the refineries | 683,125 | |
September 8 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 2,500,000 | |
September 14 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 2,500,000 | |
September 22 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 2,500,000 | |
September 28 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 2,400,000 | |
October 4 | ||
Disclosure of government contributions [line item] | ||
Rehabilitation Plan of the refineries | 1,618,523 | |
October 6 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 2,500,000 | |
October 13 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 2,500,000 | |
October 20 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 2,500,000 | |
October 28 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 2,500,000 | |
November 4 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 2,500,000 | |
November 7 | ||
Disclosure of government contributions [line item] | ||
Rehabilitation Plan of the refineries | 1,805,296 | |
November 10 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 2,500,000 | |
November 17 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 2,500,000 | |
November 25 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 2,500,000 | |
Rehabilitation Plan of the refineries | 892,893 | |
December 1 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 4,000,000 | |
December 2 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 800,000 | |
December 5 | ||
Disclosure of government contributions [line item] | ||
Rehabilitation Plan of the refineries | 1,200,000 | |
December 8 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 4,000,000 | |
December 15 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 4,000,000 | |
Rehabilitation Plan of the refineries | 1,000,000 | |
December 18 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | 15,118,286 | |
Rehabilitation Plan of the refineries | 4,881,713 | |
December 29 | ||
Disclosure of government contributions [line item] | ||
Construction of the Dos Bocas Refinery | $ 21,000,000 |
Cost and Expenses by Nature - S
Cost and Expenses by Nature - Summary of Cost and Expenses by Nature (Detail) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of cost and expenses by nature [abstract] | |||
Purchases | $ 1,126,780,036 | $ 518,434,795 | $ 386,040,047 |
Depreciation of wells, pipelines, properties, plant and equipment, depreciation of rights of use and amortization of intangible assets | 146,251,935 | 140,155,507 | 137,398,830 |
Exploration and Extraction Hydrocarbons Duty and taxes | 136,840,962 | 88,596,015 | 43,593,642 |
Net periodic cost of employee benefits | 129,333,812 | 140,215,404 | 128,808,540 |
Personnel services | 107,990,777 | 100,401,001 | 103,044,657 |
Conservation and maintenance | 78,323,591 | 65,239,995 | 69,939,632 |
Auxiliary services with third-parties | 28,799,131 | 9,656,254 | 15,901,982 |
Unsuccessful wells | 26,582,595 | 26,952,138 | 22,269,583 |
Raw materials and spare parts | 26,516,438 | 23,504,046 | 18,381,313 |
Losses from fuels subtraction | 19,891,204 | 6,791,377 | 4,279,542 |
Other operation costs and expenses | 17,671,352 | 79,812,903 | 20,573,244 |
Other operation taxes and duties | 14,717,890 | 12,933,825 | 12,180,579 |
General expenses with third-parties | 12,454,485 | 6,867,868 | 4,198,747 |
Exploration expenses | 8,126,787 | 6,458,310 | 6,732,689 |
Freight | 8,522,913 | 5,195,157 | 3,426,079 |
Insurance | 7,384,099 | 6,997,343 | 6,068,497 |
Fees | 6,476,622 | 548,928 | 259,186 |
Integrated Contracts | 4,556,801 | 4,904,774 | 5,275,946 |
Inventory variations | (38,474,306) | (11,544,077) | 2,572,641 |
Cost of sales and general expenses | $ 1,868,747,124 | $ 1,232,121,563 | $ 990,945,376 |
Other Revenues and Other Expe_3
Other Revenues and Other Expenses - Summary of Other Revenues (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Jun. 11, 2021 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Other Revenue And Expense Net [Line Items] | |||||
Other income (3) | $ 909,894 | ||||
Gains on bargain purchase of business acquisition | $ 1,271,188 | ||||
Total other revenues | $ 2,057,302 | 39,941,073 | $ 17,600,466 | 11,768,846 | |
Proceeds from government grants, classified as investing activities | $ 0 | 0 | 4,399,765 | 0 | |
Deer Park | |||||
Other Revenue And Expense Net [Line Items] | |||||
Increase (decrease) through net exchange differences, investment property | $ (10,383,296) | ||||
FONADIN | |||||
Other Revenue And Expense Net [Line Items] | |||||
Proceeds from government grants, classified as investing activities | $ 4,399,765 | ||||
Government grants | 6,073,990 | ||||
Income from government grants | $ 1,674,225 | ||||
Useful life (in years) | 20 years | 20 years | |||
Other Revenues | |||||
Other Revenue And Expense Net [Line Items] | |||||
Translation effect from the consolidated equity method | $ 10,383,296 | ||||
Tax updates | 8,061,861 | 915,277 | 6,966 | ||
Other income (3) | 7,815,529 | 3,028,394 | |||
Other income for services | 2,797,260 | 4,126,750 | 2,420,939 | ||
Bidding terms, sanctions, penalties and other | 2,353,815 | 1,429,152 | 1,170,632 | ||
Revenues from reinsurance premiums | 1,772,399 | 110,994 | 2,534,466 | ||
Account debugging | 1,558,361 | 523,365 | 485,562 | ||
Insurance and deposits | 1,510,943 | 1,459,760 | 2,149,214 | ||
Gains on bargain purchase of business acquisition | 1,271,188 | ||||
Claims recovery | 881,462 | 1,147,424 | 1,515,295 | ||
Funds from FONADIN | 732,194 | 1,674,225 | |||
Recognition of partial income | 410,000 | 2,756,680 | |||
Franchise fees | 348,906 | 376,179 | 494,785 | ||
Gain on sale of fixed assets | 43,859 | 52,266 | 50,215 | ||
Participation rights | 30,878 | ||||
Total other revenues | $ 39,941,073 | $ 17,600,466 | $ 11,768,846 |
Other Revenues and Other Expe_4
Other Revenues and Other Expenses - Summary of Other Expenses (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Other Revenue And Expense Net [Line Items] | ||||
Total other expenses | $ (1,317,872) | $ (25,585,553) | $ (50,969,096) | $ (1,194,714) |
Other Expenses | ||||
Other Revenue And Expense Net [Line Items] | ||||
Loss from derecognition of disposal of assets | (19,116,521) | (45,185,031) | (351,010) | |
Other expenses | (3,304,653) | (3,058,504) | (436,723) | |
Claims | (3,140,284) | (2,670,560) | (376,697) | |
Fines | (24,095) | (55,001) | ||
Transportation and distribution of natural gas | (30,284) | |||
Total other expenses | $ (25,585,553) | $ (50,969,096) | $ (1,194,714) |
Related Parties - Summary of Pr
Related Parties - Summary of Products Acquisition from Pemex Industrial Transformation (Detail) - Pemex Industrial Transformation $ in Thousands | Dec. 31, 2022 MXN ($) |
Disclosure of transactions between related parties [line items] | |
Product | $ 32,785,646 |
Heavy fuel oil | |
Disclosure of transactions between related parties [line items] | |
Product | 17,204,708 |
Industrial diesel | |
Disclosure of transactions between related parties [line items] | |
Product | 13,679,071 |
Other countries | |
Disclosure of transactions between related parties [line items] | |
Product | 966,841 |
Fuel oil | |
Disclosure of transactions between related parties [line items] | |
Product | 584,976 |
Natural Gas | |
Disclosure of transactions between related parties [line items] | |
Product | 349,735 |
Freights | |
Disclosure of transactions between related parties [line items] | |
Product | $ 315 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - MXN ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2023 | |
Disclosure of transactions between related parties [line items] | ||||
Aggregate compensation of executive officers | $ 35,906 | $ 34,360 | $ 30,988 | |
Accrued or paid key management personnel compensation | $ 7,648 | 7,646 | $ 6,008 | |
Salary advances, maximum salary, term (in months) | 4 months | |||
Salary advances outstanding | $ 630 | $ 265 | ||
Subsequent event | ||||
Disclosure of transactions between related parties [line items] | ||||
Salary advances outstanding | $ 1,017 | |||
Bottom of range | ||||
Disclosure of transactions between related parties [line items] | ||||
Salary deductions, installments period (in years) | 1 year | |||
Top of range | ||||
Disclosure of transactions between related parties [line items] | ||||
Salary deductions, installments period (in years) | 2 years | |||
Pemex Industrial Transformation | ||||
Disclosure of transactions between related parties [line items] | ||||
Ownership amount | $ 4,779,759 | |||
Pemex Industrial Transformation | Bottom of range | ||||
Disclosure of transactions between related parties [line items] | ||||
Invoice payment terms | 16 days | |||
Pemex Industrial Transformation | Top of range | ||||
Disclosure of transactions between related parties [line items] | ||||
Invoice payment terms | 60 days |
Related Parties - Summary of Re
Related Parties - Summary of Retirement and Former Employee Benefits Granted (Detail) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | |||
Retirement | $ 4,917 | $ 4,888 | $ 7,233 |
Post-employment | 166 | 200 | 354 |
Long-term | 1,681 | 2,468 | 3,702 |
Total | $ 6,764 | $ 7,556 | $ 11,289 |
Commitments - Additional inform
Commitments - Additional information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and contingencies [abstract] | ||
Nitrogen to be supplied | $ 1,227,596 | $ 1,451,362 |
Commitments - Estimated Future
Commitments - Estimated Future Payments Under Contracts (Detail) - Nitrogen supply contract $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Commitments and contingencies [line items] | |
2023 | $ 263,930 |
2024 | 274,880 |
2025 | 276,192 |
2026 | 277,043 |
2027 | 135,551 |
Total | $ 1,227,596 |
Commitments - Estimated Value o
Commitments - Estimated Value of Contracts (Detail) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financing performance of works | ||
Commitments and contingencies [line items] | ||
Estimated value of contracts | $ 724,858 | $ 783,100 |
Financing performance of works | Up to 1 year | ||
Commitments and contingencies [line items] | ||
Estimated value of contracts | 634,432 | 488,438 |
Financing performance of works | 1 to 3 years | ||
Commitments and contingencies [line items] | ||
Estimated value of contracts | 90,426 | 294,662 |
Infrastructure and service works | ||
Commitments and contingencies [line items] | ||
Estimated value of contracts | 156,425,186 | 505,636,402 |
Infrastructure and service works | Up to 1 year | ||
Commitments and contingencies [line items] | ||
Estimated value of contracts | 61,463,967 | 181,088,750 |
Infrastructure and service works | 1 to 3 years | ||
Commitments and contingencies [line items] | ||
Estimated value of contracts | 69,662,017 | 177,187,792 |
Infrastructure and service works | 4 to 5 years | ||
Commitments and contingencies [line items] | ||
Estimated value of contracts | 22,166,730 | 124,716,836 |
Infrastructure and service works | More than five years | ||
Commitments and contingencies [line items] | ||
Estimated value of contracts | $ 3,132,471 | $ 22,643,024 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||||||||||
Feb. 17, 2022 USD ($) | Oct. 18, 2019 USD ($) | Jan. 14, 2019 MXN ($) | Jan. 14, 2019 USD ($) | Apr. 04, 2011 USD ($) | Dec. 31, 2022 MXN ($) Exchange_Rate | Dec. 31, 2022 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 MXN ($) | Dec. 31, 2022 USD ($) Exchange_Rate | Sep. 09, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | |
Disclosure of contingent liabilities [line items] | ||||||||||||
Accrued reserve on contingent liabilities | $ 10,533,137 | $ 11,114,006 | ||||||||||
Legal proceedings damage sought by plaintiffs | $ 193,713 | |||||||||||
Currency exchange rate | Exchange_Rate | 19.4143 | 19.4143 | ||||||||||
Termination Resolution January 14 2019 | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Accrued reserve on contingent liabilities | $ 51,454 | |||||||||||
Contingent Liability for Public Works Contract | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Legal proceedings damage sought by plaintiffs | $ 137,300 | |||||||||||
Administrative Claim | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Legal proceedings damage sought by plaintiffs | $ 2,009,598 | |||||||||||
Administrative Claim | Pemex Industrial Transformation | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Legal proceedings damage sought by plaintiffs | $ 240,488 | $ 14,607 | $ 113,582 | |||||||||
Tax Contingent Liability | Pemex Industrial Transformation | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Accrued reserve on contingent liabilities | $ 3,084,975 | $ 5,852,222 | ||||||||||
Contingent liability for guarantees | Pemex Industrial Transformation | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Provision of guarantees or collateral to entity, related party transactions | $ 150,000 | |||||||||||
Contingent liability for guarantees | Exploration | Deep water license modality trion field | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | $ 4,000,000 | |||||||||||
Contingent liability for guarantees | Exploration | Cinturon plegado perdido | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | 3,333,000 | |||||||||||
Contingent liability for guarantees | Exploration | Ek Balam fields | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | 5,000,000 | |||||||||||
Contingent liability for guarantees | Exploration | Contractual area Satuario and El Golpe 3 field | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | $ 320,000 | |||||||||||
Provision of guarantees or collateral to entity, related party transactions | $ 786,337,393 | $ 40,503,000 | ||||||||||
Currency exchange rate | 19.4143 | 19.4143 | ||||||||||
Contingent liability for guarantees | Exploration | Tampico Misantla | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | $ 1,250,000 | |||||||||||
Contingent liability for guarantees | Exploration | Cuencas del Sureste | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | 1,250,000 | |||||||||||
Contingent liability for guarantees | Exploration | Assignment AE zero three nine eight Mission | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | 255,000 | |||||||||||
Contingent liability for guarantees | Exploration | Ogarrio | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | 250,000 | |||||||||||
Contingent liability for guarantees | Exploration | Cardenas and Mora fields | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | 250,000 | |||||||||||
Contingent liability for guarantees | Exploration | Deep water license modality, contractual area two perdido | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | 2,500,000 | |||||||||||
Contingent liability for guarantees | Exploration | Deep water license modality, contractual area five perdido | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | 5,000,000 | |||||||||||
Contingent liability for guarantees | Exploration | Deep water license modality, contractual area eighteen cordilleras | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | 5,000,000 | |||||||||||
Contingent liability for guarantees | Exploration | Cuenca Salina | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | 1,375,000 | |||||||||||
Contingent liability for guarantees | Exploration | Contractual sixteen of Tampico Misantla | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | 1,000,000 | |||||||||||
Contingent liability for guarantees | Exploration | Contractual seventeen of Tampico Misantla | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | 1,000,000 | |||||||||||
Contingent liability for guarantees | Exploration | Contractual Eighteen of Tampico Misantla | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | 2,000,000 | |||||||||||
Contingent liability for guarantees | Exploration | Contractual area twenty nine Cuencas del Sureste | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | 2,500,000 | |||||||||||
Contingent liability for guarantees | Exploration | Contractual area thirty two Cuencas del Sureste | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | 1,250,000 | |||||||||||
Contingent liability for guarantees | Exploration | Contractual area thirty three Cuencas del Sureste | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | 1,250,000 | |||||||||||
Contingent liability for guarantees | Exploration | Contractual area thirty five Cuencas del Sureste | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | 1,250,000 | |||||||||||
Contingent liability for guarantees | Exploration | Ébano | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | 225,000 | |||||||||||
Contingent liability for guarantees | Exploration | Contractual area AE-0388-M-Miquetla | ||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||
Exploration and evaluation costs | $ 245,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Thousands, $ in Thousands | 4 Months Ended | 12 Months Ended | ||||||||||||||||||||
Apr. 24, 2023 MXN ($) $ / bbl | Apr. 24, 2023 USD ($) Exchange_Rate $ / bbl | Feb. 28, 2023 USD ($) | Feb. 24, 2023 MXN ($) | Feb. 22, 2023 MXN ($) | Feb. 17, 2023 USD ($) | Feb. 01, 2023 MXN ($) | Jan. 31, 2023 MXN ($) | Jan. 27, 2023 MXN ($) | Jan. 23, 2023 USD ($) | Jan. 13, 2023 MXN ($) | Jan. 06, 2023 USD ($) | Apr. 24, 2023 USD ($) Exchange_Rate | Dec. 31, 2022 MXN ($) Exchange_Rate $ / bbl | Mar. 28, 2023 MXN ($) | Mar. 16, 2023 USD ($) | Mar. 13, 2023 USD ($) | Jan. 31, 2023 USD ($) | Jan. 27, 2023 USD ($) | Dec. 31, 2022 USD ($) Exchange_Rate | May 31, 2022 USD ($) | Dec. 31, 2021 MXN ($) | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Bank indebtedness | $ 29,912,400 | |||||||||||||||||||||
Debt | $ 1,853,421,785 | $ 1,984,689 | $ 2,211,701,630 | |||||||||||||||||||
Currency exchange rate | Exchange_Rate | 19.4143 | 19.4143 | ||||||||||||||||||||
Average prices of crude oil exports | $ / bbl | 69.71 | |||||||||||||||||||||
Percetnage of increase in crude oil price | 0.40% | |||||||||||||||||||||
Subsequent event | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Repayments of revolving credit lines | $ 335,309 | |||||||||||||||||||||
Proceeds from revolving credit lines | 332,216 | |||||||||||||||||||||
Revolving credit facility available | $ 65,227 | $ 65,227 | ||||||||||||||||||||
Obtain of revolving credit lines | $ 29,500,000 | $ 7,664,000 | ||||||||||||||||||||
Currency exchange rate | Exchange_Rate | 18.0090 | 18.0090 | ||||||||||||||||||||
Appreciation of the value of the peso in U.S. dollars terms | 7.20% | 7.20% | ||||||||||||||||||||
Net foreign exchange gain | $ 126,153,436 | |||||||||||||||||||||
Average prices of crude oil exports | $ / bbl | 69.44 | 69.44 | ||||||||||||||||||||
Forecast | Subsequent event | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Bank indebtedness | $ 27,068,400 | $ 142,200 | ||||||||||||||||||||
Credit Line | Subsequent event | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Line of credit maximum borrowing capacity | $ 5,000,000 | |||||||||||||||||||||
Credit Line | Ninety Days SOFR Plus 300 Basis Point | Subsequent event | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Line of credit maximum borrowing capacity | $ 50,000 | |||||||||||||||||||||
Maturity | 90-day | |||||||||||||||||||||
Borrowing adjustment to interest rate | 30,000% | |||||||||||||||||||||
Credit Line | Ninety Day SOFR Plus 350 Basis Point | Subsequent event | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Line of credit maximum borrowing capacity | $ 750,000 | |||||||||||||||||||||
Maturity | 90-day | |||||||||||||||||||||
Borrowing adjustment to interest rate | 35,000% | |||||||||||||||||||||
Credit Line | Ninety Days Plus 26 Basis Point | Subsequent event | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Borrowing adjustment to interest rate | 2,600% | |||||||||||||||||||||
Credit Line | Ninety One Days TIIE Plus 310 Basis Point | Subsequent event | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Line of credit maximum borrowing capacity | $ 4,000,000 | |||||||||||||||||||||
Maturity | 91-day | |||||||||||||||||||||
Borrowing adjustment to interest rate | 31,000% | 31,000% | ||||||||||||||||||||
Credit Line | Ninety One Days TIIE Plus 320 Basis Points | Subsequent event | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Line of credit maximum borrowing capacity | $ 2,000,000 | |||||||||||||||||||||
Maturity | 91-day | |||||||||||||||||||||
Borrowing adjustment to interest rate | 3.20% | |||||||||||||||||||||
Credit Line | Ninety One Days TIIE Plus 325 Basis Point | Subsequent event | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Line of credit maximum borrowing capacity | $ 3,000,000 | |||||||||||||||||||||
Maturity | 91-day | |||||||||||||||||||||
Borrowing adjustment to interest rate | 3.25% | |||||||||||||||||||||
Credit Line | Ninety Days SOFR Plus 450 Basis Point | Subsequent event | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Line of credit maximum borrowing capacity | $ 150,000 | |||||||||||||||||||||
Maturity | 90-day | |||||||||||||||||||||
Borrowing adjustment to interest rate | 4.50% | |||||||||||||||||||||
Promissory Note | Twenty Eight Days TIIE Plus 365 Basis Point | Subsequent event | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Maturity | 28-day | |||||||||||||||||||||
Debt | $ 4,000,000 | |||||||||||||||||||||
Borrowing adjustment to interest rate | 36,500% | |||||||||||||||||||||
Promissory Note | Twenty Eight Days TIIE Plus 275 Basis Point | Subsequent event | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Maturity | 28-day | 28-day | ||||||||||||||||||||
Debt | $ 3,000,000 | $ 4,000,000 | ||||||||||||||||||||
Borrowing adjustment to interest rate | 27,500% | 27,500% | 27,500% | |||||||||||||||||||
Promissory Note | Bond Coupon 10.00% Rate | Subsequent event | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Bonds issued | $ 2,000,000 | |||||||||||||||||||||
Coupon rate | 10% | |||||||||||||||||||||
Promissory Note | Thirty Days SOFR Plus 175 Basis Point | Subsequent event | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Maturity | 30-day | |||||||||||||||||||||
Debt | $ 11,362 | |||||||||||||||||||||
Borrowing adjustment to interest rate | 17,500% | |||||||||||||||||||||
Promissory Note | Fixed Rate 10.375% | Subsequent event | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Debt | $ 537,500 | $ 200,000 | ||||||||||||||||||||
Interest rate | 10.375% | 10.375% | ||||||||||||||||||||
Promissory Note | Twenty Eight Days TIIE Plus 360 Basis Points | Subsequent event | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Maturity | 28-day | |||||||||||||||||||||
Debt | $ 3,000,000 | |||||||||||||||||||||
Borrowing adjustment to interest rate | 3.60% | |||||||||||||||||||||
Promissory Note | Twenty Eight Days TIIE Plus 235 Basis Points | Subsequent event | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Maturity | 28-day | |||||||||||||||||||||
Debt | $ 250,000 | |||||||||||||||||||||
Borrowing adjustment to interest rate | 23,500% | |||||||||||||||||||||
Promissory Note | Twenty Eight Days TIIE Plus 200 Basis Points | Subsequent event | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Maturity | 28-day | |||||||||||||||||||||
Debt | $ 2,000,000 | |||||||||||||||||||||
Borrowing adjustment to interest rate | 20,000% | |||||||||||||||||||||
PMI TRD DAC revolving credit lines | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Debt | $ 159,773 | $ 159,773 | $ 162,866 | |||||||||||||||||||
Monetization of Mexican Government Bonds | Subsequent event | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Debt | $ 9,225,000 |
Subsequent Events - Summary of
Subsequent Events - Summary of Contributions from the Mexican Government (Details) $ in Thousands, $ in Thousands | 4 Months Ended | 12 Months Ended | |||||||
Mar. 16, 2023 MXN ($) | Feb. 23, 2023 MXN ($) | Jan. 30, 2023 MXN ($) | Jan. 19, 2023 MXN ($) | Apr. 17, 2023 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Total | $ 0 | $ 0 | $ 4,399,765 | $ 0 | |||||
Subsequent event | Petróleos Mexicanos | Construction of the Dos Bocas Refinery | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Total | $ 10,500,000 | $ 10,500,000 | |||||||
Subsequent event | Petróleos Mexicanos | Strengthening of financial position | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Total | $ 6,000,000 | 6,000,000 | |||||||
Subsequent event | Petróleos Mexicanos | Strengthening of Fertilizers chain | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Total | $ 600,000 | $ 600,000 | $ 1,200,000 |
Subsidiary Guarantor Informat_3
Subsidiary Guarantor Information - Summary of Principal Amount Outstanding of Registered Debt Securities (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
6.625% Guaranteed Bonds due 2035 | Master Trust | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | $ 1,750,000 |
6.625% Guaranteed Bonds due 2038 | Master Trust | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 491,175 |
8.625% Guaranteed Bonds due 2023 | Master Trust | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 63,705 |
9.500% Guaranteed Bonds due 2027 | Master Trust | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 168,625 |
9.500% Global Guaranteed Bonds due 2027 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 96,718 |
3.500% Notes due 2023 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 1,143,938 |
4.875% Notes due 2024 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 844,175 |
6.625% Notes due 2035 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 999,000 |
6.500% Bonds due 2041 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 1,560,521 |
5.500% Bonds due 2044 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 640,357 |
6.375% Bonds due 2045 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 1,199,747 |
5.625% Bonds due 2046 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 626,143 |
4.500% Notes due 2026 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 1,124,403 |
4.250% Notes due 2025 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 635,449 |
6.875% Notes due 2026 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 2,502,771 |
4.625% Notes due 2023 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 895,444 |
6.750% Bonds due 2047 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 5,548,156 |
5.350% Notes due 2028 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 1,976,720 |
6.350% Bonds due 2048 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 1,574,041 |
6.500% Notes due 2027 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 4,006,043 |
5.950% Notes due 2031 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 3,777,381 |
6.490% Notes due 2027 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 1,538,374 |
6.840% Notes due 2030 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 2,345,538 |
6.950% Bonds due 2060 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 3,796,812 |
7.690% Bonds due 2050 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 8,047,831 |
6.500% Notes due 2029 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 1,204,708 |
6.875% Notes due 2025 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 901,836 |
8.750% Notes due 2029 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | 1,908,685 |
6.700% Notes due 2032 | Petróleos Mexicanos | |
Supplemental information [line items] | |
Principal amount outstanding (U.S.$) | $ 6,779,842 |
Subsidiary Guarantor Informat_4
Subsidiary Guarantor Information - Supplemental Statement of Financial Position (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | Dec. 31, 2019 MXN ($) |
Current assets | ||||||
Cash and cash equivalents | $ 3,317,890 | $ 64,414,511 | $ 3,940,727 | $ 76,506,447 | $ 39,989,781 | $ 60,621,631 |
Trade and other accounts receivable, derivative financial instruments and other current assets | 337,461,870 | 295,774,455 | ||||
Accounts receivable—inter-company | 0 | 0 | ||||
Inventories | 6,491,009 | 126,018,397 | 86,113,142 | |||
Total current assets | 27,191,027 | 527,894,778 | 458,394,044 | |||
Long-term receivables—intercompany | 0 | 0 | ||||
Investments in joint ventures and associates | 105,281 | 2,043,966 | 2,254,952 | |||
Wells, pipelines, properties, plant and equipment, net | 70,502,199 | 1,368,750,850 | 1,274,532,607 | |||
Long-term notes receivables | 68,719 | 1,334,126 | 1,646,290 | |||
Rights of use assets | 2,550,741 | 49,520,847 | 54,283,458 | 59,195,257 | ||
Deferred taxes | 8,840,523 | 171,632,558 | 92,255,839 | |||
Intangible assets | 1,546,537 | 30,024,934 | 20,016,146 | |||
Government Bonds | 3,278,679 | 63,653,260 | 109,601,905 | |||
Other assets | 1,581,449 | 30,702,725 | 39,112,930 | |||
Total assets | 115,665,155 | 2,245,558,044 | 2,052,098,171 | |||
Current liabilities | ||||||
Current portion of long-term debt | 24,000,231 | 465,947,683 | 492,283,613 | |||
Accounts payable—inter-company | 0 | 0 | ||||
Other current liabilities | 463,789,575 | 430,364,717 | ||||
Total current liabilities | 47,889,300 | 929,737,258 | 922,648,330 | |||
Long-term debt | 83,727,784 | 1,625,516,313 | 1,757,412,281 | |||
Long-term payables—inter-company | 0 | 0 | ||||
Employee benefits, provisions for sundry creditors, other liabilities and deferred taxes | 1,459,126,698 | 1,542,038,343 | ||||
Total liabilities | 206,774,399 | 4,014,380,269 | 4,222,098,954 | |||
Total equity (deficit) | (91,109,244) | (1,768,822,225) | (2,170,000,783) | (2,404,727,030) | (1,931,409,302) | |
Total liabilities and equity (deficit) | $ 115,665,155 | 2,245,558,044 | 2,052,098,171 | |||
Eliminations | ||||||
Current assets | ||||||
Accounts receivable—inter-company | (2,803,713,857) | (3,154,320,457) | ||||
Total current assets | (2,803,713,857) | (3,154,320,457) | ||||
Long-term receivables—intercompany | (1,512,689,817) | (1,717,050,662) | ||||
Investments in joint ventures and associates | 704,894,507 | 1,189,980,912 | ||||
Total assets | (3,611,509,167) | (3,681,390,207) | ||||
Current liabilities | ||||||
Accounts payable—inter-company | (2,803,555,175) | (3,153,876,935) | ||||
Total current liabilities | (2,803,555,175) | (3,153,876,935) | ||||
Long-term payables—inter-company | (1,512,848,498) | (1,717,494,185) | ||||
Total liabilities | (4,316,403,673) | (4,871,371,120) | ||||
Total equity (deficit) | 704,894,506 | 1,189,980,913 | ||||
Total liabilities and equity (deficit) | (3,611,509,167) | (3,681,390,207) | ||||
Petróleos Mexicanos | ||||||
Current assets | ||||||
Cash and cash equivalents | 14,809,052 | 34,690,405 | 9,394,220 | 28,234,857 | ||
Trade and other accounts receivable, derivative financial instruments and other current assets | 61,562,752 | 14,502,133 | ||||
Accounts receivable—inter-company | 1,466,391,747 | 1,915,076,979 | ||||
Inventories | 1,695,679 | 930,656 | ||||
Total current assets | 1,544,459,230 | 1,965,200,173 | ||||
Long-term receivables—intercompany | 1,511,328,178 | 1,715,204,137 | ||||
Investments in joint ventures and associates | (1,203,291,062) | (1,438,194,686) | ||||
Wells, pipelines, properties, plant and equipment, net | 6,832,860 | 7,488,282 | ||||
Rights of use assets | 1,631,407 | 666,839 | ||||
Deferred taxes | 51,156,380 | 53,898,456 | ||||
Intangible assets | 149,947 | 2,175 | ||||
Government Bonds | 63,653,260 | 109,601,905 | ||||
Total assets | 1,975,920,200 | 2,413,867,281 | ||||
Current liabilities | ||||||
Current portion of long-term debt | 398,101,726 | 417,076,084 | ||||
Accounts payable—inter-company | 1,423,626,118 | 2,092,847,395 | ||||
Other current liabilities | 31,085,188 | 23,587,329 | ||||
Total current liabilities | 1,852,813,032 | 2,533,510,808 | ||||
Long-term debt | 1,573,359,790 | 1,715,650,511 | ||||
Employee benefits, provisions for sundry creditors, other liabilities and deferred taxes | 318,280,995 | 334,835,252 | ||||
Total liabilities | 3,744,453,817 | 4,583,996,571 | ||||
Total equity (deficit) | (1,768,533,617) | (2,170,129,290) | ||||
Total liabilities and equity (deficit) | 1,975,920,200 | 2,413,867,281 | ||||
Subsidiary guarantors | ||||||
Current assets | ||||||
Cash and cash equivalents | 11,293,133 | 6,157,869 | 4,970,074 | 4,826,057 | ||
Trade and other accounts receivable, derivative financial instruments and other current assets | 197,610,993 | 191,315,372 | ||||
Accounts receivable—inter-company | 1,158,552,905 | 1,080,615,236 | ||||
Inventories | 79,127,255 | 54,797,831 | ||||
Total current assets | 1,446,584,286 | 1,332,886,308 | ||||
Investments in joint ventures and associates | 269,011,476 | 172,395,250 | ||||
Wells, pipelines, properties, plant and equipment, net | 1,089,869,156 | 1,130,105,528 | ||||
Long-term notes receivables | 1,334,126 | 1,646,290 | ||||
Rights of use assets | 44,352,154 | 52,047,552 | ||||
Deferred taxes | 113,857,491 | 34,644,220 | ||||
Intangible assets | 28,673,801 | 18,894,609 | ||||
Other assets | 2,320,594 | 1,165,964 | ||||
Total assets | 2,996,003,084 | 2,743,785,721 | ||||
Current liabilities | ||||||
Current portion of long-term debt | 20,438,040 | 22,488,458 | ||||
Accounts payable—inter-company | 1,293,390,155 | 962,430,582 | ||||
Other current liabilities | 346,977,135 | 334,918,246 | ||||
Total current liabilities | 1,660,805,330 | 1,319,837,286 | ||||
Long-term debt | 22,496,110 | 25,978,231 | ||||
Long-term payables—inter-company | 1,511,403,321 | 1,715,642,197 | ||||
Employee benefits, provisions for sundry creditors, other liabilities and deferred taxes | 1,124,420,120 | 1,196,413,505 | ||||
Total liabilities | 4,319,124,881 | 4,257,871,219 | ||||
Total equity (deficit) | (1,323,121,797) | (1,514,085,498) | ||||
Total liabilities and equity (deficit) | 2,996,003,084 | 2,743,785,721 | ||||
Non-guarantor subsidiaries | ||||||
Current assets | ||||||
Cash and cash equivalents | 38,312,326 | 35,658,173 | $ 25,625,487 | $ 27,560,717 | ||
Trade and other accounts receivable, derivative financial instruments and other current assets | 78,288,125 | 89,956,950 | ||||
Accounts receivable—inter-company | 178,769,205 | 158,628,242 | ||||
Inventories | 45,195,463 | 30,384,655 | ||||
Total current assets | 340,565,119 | 314,628,020 | ||||
Long-term receivables—intercompany | 1,361,639 | 1,846,525 | ||||
Investments in joint ventures and associates | 231,429,045 | 78,073,476 | ||||
Wells, pipelines, properties, plant and equipment, net | 272,048,834 | 136,938,797 | ||||
Rights of use assets | 3,537,286 | 1,569,067 | ||||
Deferred taxes | 6,618,687 | 3,713,163 | ||||
Intangible assets | 1,201,186 | 1,119,362 | ||||
Other assets | 28,382,131 | 37,946,966 | ||||
Total assets | 885,143,927 | 575,835,376 | ||||
Current liabilities | ||||||
Current portion of long-term debt | 47,407,917 | 52,719,071 | ||||
Accounts payable—inter-company | 86,538,902 | 98,598,958 | ||||
Other current liabilities | 85,727,252 | 71,859,142 | ||||
Total current liabilities | 219,674,071 | 223,177,171 | ||||
Long-term debt | 29,660,413 | 15,783,539 | ||||
Long-term payables—inter-company | 1,445,177 | 1,851,988 | ||||
Employee benefits, provisions for sundry creditors, other liabilities and deferred taxes | 16,425,583 | 10,789,586 | ||||
Total liabilities | 267,205,244 | 251,602,284 | ||||
Total equity (deficit) | 617,938,683 | 324,233,092 | ||||
Total liabilities and equity (deficit) | $ 885,143,927 | $ 575,835,376 |
Subsidiary Guarantor Informat_5
Subsidiary Guarantor Information - Supplemental Statement of Comprehensive Income (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Supplemental information [line items] | ||||
Net revenues | $ 2,378,002,959 | $ 1,490,655,379 | $ 948,946,360 | |
Services income | $ 277,391 | 5,385,350 | 4,973,241 | 4,715,484 |
Total revenues | 122,764,576 | 2,383,388,309 | 1,495,628,620 | 953,661,844 |
(Impairment) of wells, pipelines, properties, plant and equipment | (83,538,021) | (1,210,595) | (36,353,700) | |
Cost of sales | 87,490,305 | 1,698,563,022 | 1,066,650,702 | 832,614,690 |
Gross income (loss) | 30,971,359 | 601,287,266 | 427,767,323 | 84,693,454 |
General expenses: | ||||
Total general expenses | 170,184,102 | 165,470,861 | 158,330,686 | |
Other income (loss), net | 14,355,520 | (33,368,630) | 10,574,132 | |
Operating income (loss) | 22,944,874 | 445,458,684 | 228,927,832 | (63,063,100) |
Financing cost, net | (155,318,866) | (160,889,106) | (127,927,053) | |
Foreign exchange income (loss), net | 129,690,090 | (45,675,050) | (128,949,304) | |
Profit (loss) sharing in joint ventures and associates | 17,997 | 349,401 | (3,088,107) | (3,540,533) |
(Impairment) in joint ventures | 0 | 0 | (6,703,324) | 0 |
Income (loss) before duties, taxes and other | 21,642,773 | 420,179,309 | 12,572,245 | (323,479,990) |
Total taxes, duties and other | 320,180,839 | 307,348,122 | 185,572,075 | |
Net income (loss) | 5,150,763 | 99,998,470 | (294,775,877) | (509,052,065) |
Total other comprehensive results | 4,629,235 | 89,873,371 | 213,147,995 | (11,305,412) |
Total comprehensive income (loss) | $ 9,779,998 | 189,871,841 | (81,627,882) | (520,357,477) |
Eliminations | ||||
Supplemental information [line items] | ||||
Net revenues | (1,922,252,125) | (1,062,139,493) | (626,101,165) | |
Services income | (189,346,848) | (183,842,075) | (174,033,739) | |
Total revenues | (2,111,598,973) | (1,245,981,568) | (800,134,904) | |
Cost of sales | (2,030,684,206) | (1,164,716,250) | (719,410,713) | |
Gross income (loss) | (80,914,767) | (81,265,318) | (80,724,191) | |
General expenses: | ||||
Total general expenses | (80,733,408) | (81,234,555) | (80,706,414) | |
Other income (loss), net | 286,735 | (19,492) | 34,530 | |
Operating income (loss) | 105,376 | (50,255) | 16,753 | |
Financing cost, net | (105,376) | 50,252 | (16,754) | |
Profit (loss) sharing in joint ventures and associates | (213,987,481) | 256,787,168 | 441,176,559 | |
Income (loss) before duties, taxes and other | (213,987,481) | 256,787,165 | 441,176,558 | |
Net income (loss) | (213,987,481) | 256,787,165 | 441,176,558 | |
Total comprehensive income (loss) | (213,987,481) | 256,787,165 | 441,176,558 | |
Petróleos Mexicanos | ||||
Supplemental information [line items] | ||||
Services income | 80,180,636 | 83,783,182 | 78,461,654 | |
Total revenues | 80,180,636 | 83,783,182 | 78,461,654 | |
Cost of sales | 1,188,124 | 939,331 | 982,896 | |
Gross income (loss) | 78,992,512 | 82,843,851 | 77,478,758 | |
General expenses: | ||||
Total general expenses | 75,149,492 | 77,055,697 | 75,817,961 | |
Other income (loss), net | 136,297 | 2,985,438 | 170,887 | |
Operating income (loss) | 3,979,317 | 8,773,592 | 1,831,684 | |
Financing cost, net | (53,015,543) | (54,245,927) | (54,710,062) | |
Foreign exchange income (loss), net | (2,577,191) | (5,185,616) | (1,778,917) | |
Profit (loss) sharing in joint ventures and associates | 149,613,112 | (246,891,433) | (433,417,288) | |
Income (loss) before duties, taxes and other | 97,999,695 | (297,549,384) | (488,074,583) | |
Total taxes, duties and other | (2,412,355) | (3,017,215) | 20,804,230 | |
Net income (loss) | 100,412,050 | (294,532,169) | (508,878,813) | |
Total other comprehensive results | 27,263,372 | 44,225,180 | (6,062,096) | |
Total comprehensive income (loss) | 127,675,422 | (250,306,989) | (514,940,909) | |
Subsidiary guarantors | ||||
Supplemental information [line items] | ||||
Net revenues | 2,801,812,884 | 1,815,602,641 | 1,115,845,485 | |
Services income | 97,771,725 | 93,096,004 | 88,034,087 | |
Total revenues | 2,899,584,609 | 1,908,698,645 | 1,203,879,572 | |
(Impairment) of wells, pipelines, properties, plant and equipment | (83,932,377) | (751,469) | (36,303,470) | |
Cost of sales | 2,254,594,197 | 1,502,101,853 | 1,090,745,812 | |
Gross income (loss) | 561,058,035 | 405,845,323 | 76,830,290 | |
General expenses: | ||||
Total general expenses | 163,600,068 | 160,027,365 | 154,020,378 | |
Other income (loss), net | (617,947) | (37,344,472) | 5,733,633 | |
Operating income (loss) | 396,840,020 | 208,473,486 | (71,456,455) | |
Financing cost, net | (95,270,023) | (102,785,773) | (70,134,087) | |
Foreign exchange income (loss), net | 131,349,483 | (39,529,621) | (125,864,355) | |
Profit (loss) sharing in joint ventures and associates | (1,982,658) | (2,353,222) | 1,288,687 | |
Income (loss) before duties, taxes and other | 430,936,822 | 63,804,870 | (266,166,210) | |
Total taxes, duties and other | 321,846,221 | 308,071,088 | 159,451,307 | |
Net income (loss) | 109,090,601 | (244,266,218) | (425,617,517) | |
Total other comprehensive results | 96,178,950 | 161,981,238 | (12,844,301) | |
Total comprehensive income (loss) | 205,269,551 | (82,284,980) | (438,461,818) | |
Non-guarantor subsidiaries | ||||
Supplemental information [line items] | ||||
Net revenues | 1,498,442,200 | 737,192,231 | 459,202,040 | |
Services income | 16,779,837 | 11,936,130 | 12,253,482 | |
Total revenues | 1,515,222,037 | 749,128,361 | 471,455,522 | |
(Impairment) of wells, pipelines, properties, plant and equipment | 394,356 | (459,126) | (50,230) | |
Cost of sales | 1,473,464,907 | 728,325,768 | 460,296,695 | |
Gross income (loss) | 42,151,486 | 20,343,467 | 11,108,597 | |
General expenses: | ||||
Total general expenses | 12,167,950 | 9,622,354 | 9,198,761 | |
Other income (loss), net | 14,550,435 | 1,009,896 | 4,635,082 | |
Operating income (loss) | 44,533,971 | 11,731,009 | 6,544,918 | |
Financing cost, net | (6,927,924) | (3,907,658) | (3,066,150) | |
Foreign exchange income (loss), net | 917,798 | (959,813) | (1,306,032) | |
Profit (loss) sharing in joint ventures and associates | 66,706,428 | (10,630,620) | (12,588,491) | |
Income (loss) before duties, taxes and other | 105,230,273 | (10,470,406) | (10,415,755) | |
Total taxes, duties and other | 746,973 | 2,294,249 | 5,316,538 | |
Net income (loss) | 104,483,300 | (12,764,655) | (15,732,293) | |
Total other comprehensive results | (33,568,951) | 6,941,577 | 7,600,985 | |
Total comprehensive income (loss) | $ 70,914,349 | $ (5,823,078) | $ (8,131,308) |
Subsidiary Guarantor Informat_6
Subsidiary Guarantor Information - Supplemental Statement of Cash Flows (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Operating activities: | ||||
Net income (loss) | $ 99,998,470 | $ (294,775,877) | $ (509,052,065) | |
Income taxes and duties | $ 16,492,010 | 320,180,839 | 307,348,122 | 185,572,075 |
Depreciation and amortization of wells, pipelines, properties, plant and equipment | 7,199,426 | 139,771,815 | 133,431,365 | 129,631,820 |
Amortization of intangible assets | 26,596 | 516,342 | 403,295 | 478,988 |
Impairment of wells, pipelines, properties, plant and equipment | 4,302,912 | 83,538,021 | 1,210,595 | 36,353,700 |
Capitalized unsuccessful wells | 366,234 | 7,110,169 | 9,730,391 | 10,947,702 |
Unsuccessful wells from intangible assets | 13,911,491 | 12,565,711 | 8,404,284 | |
Loss from derecognition of disposal of wells, pipelines, properties, plant and equipment | 1,221,951 | 23,723,321 | 47,299,622 | 5,297,562 |
Depreciation of rights of use | 307,185 | 5,963,778 | 6,407,871 | 7,229,231 |
(Gains) on bargain purchase of business acquisition | (1,271,188) | |||
Reclassification of translation effect | (10,383,296) | |||
Discount rate of reserve for well abandonment | 4,647,200 | 4,454,106 | 4,555,692 | |
(Gains) on disposal of subsidiary companies | 707,533 | |||
Loss (profit) sharing in joint ventures and associates | (349,401) | 3,088,107 | 3,540,533 | |
Unrealized foreign exchange loss (income) | (6,621,169) | (128,545,369) | 44,485,347 | 132,466,243 |
Reversal of impairment of rights of use | 0 | 0 | (87,025) | 0 |
Loss from derecognition of disposal of intangible asset | 396,118 | |||
Impairment of joint ventures | 0 | 0 | 6,703,324 | 0 |
Cancellation of leases | (41,588) | (807,396) | (432,906) | (1,101,987) |
Interest expense | 8,225,065 | 159,683,880 | 164,571,647 | 161,765,242 |
Interest income | (1,402,470) | (27,227,965) | (28,906,784) | (16,742,048) |
Duties and taxes | (366,673,252) | (259,447,693) | (157,691,463) | |
Accounts receivable, inventories, accounts payable, DFIs and provisions | (21,424,854) | (36,700,560) | 4,779,222 | |
Employee benefits | 54,275,187 | 67,886,654 | 59,170,346 | |
Net cash flows from operating activities | 18,369,849 | 356,637,792 | 189,235,312 | 65,293,662 |
Investing activities: | ||||
Acquisition of wells, pipelines, properties, plant and equipment and intangible assets | (340,470,929) | (235,406,034) | (138,618,156) | |
Other assets and other receivables | (32,463,947) | (26,829,524) | (2,521,487) | |
Net cash flows (used in) investing activities | (19,209,288) | (372,934,876) | (262,235,558) | (141,139,643) |
Financing activities: | ||||
Increase in equity due to Certificates of Contribution “A” and proceeds from FONADIN grants | 211,306,717 | |||
Increase in equity due to Certificates of Contribution “A” | 9,699,382 | 188,306,717 | 316,354,129 | 46,256,000 |
Collection and interest collected from the Mexican Government | 7,455,715 | 22,915,255 | 5,800,940 | |
Lease payments (principal and interest) | (10,636,823) | (11,268,431) | (10,010,801) | |
Loans obtained from financial institutions | 54,814,205 | 1,064,179,416 | 1,636,216,843 | 1,288,129,868 |
Debt payments, principal only | (1,775,899) | (1,107,159,280) | (1,707,581,580) | (1,151,962,147) |
Interest paid | (7,930,066) | (153,956,690) | (157,256,625) | (130,989,150) |
Net cash flows from financing activities | 576,331 | 11,189,055 | 99,379,591 | 47,224,710 |
Net increase (decrease) in cash and cash equivalents | (263,108) | (5,108,029) | 26,379,345 | (28,621,271) |
Effects of foreign exchange on cash balances | (359,729) | (6,983,907) | 10,137,321 | 7,989,421 |
Cash and cash equivalents at the beginning of the year | 3,940,727 | 76,506,447 | 39,989,781 | 60,621,631 |
Cash and cash equivalents at the end of the year (Note 9) | $ 3,317,890 | 64,414,511 | 76,506,447 | 39,989,781 |
Eliminations | ||||
Operating activities: | ||||
Net income (loss) | (213,987,481) | 256,787,165 | 440,952,031 | |
Loss (profit) sharing in joint ventures and associates | 213,987,480 | (257,030,877) | (441,125,283) | |
Inter-company charges and deductions | (435,897,117) | 983,373,752 | 74,111,161 | |
Net cash flows from operating activities | (435,897,118) | 983,130,040 | 73,937,909 | |
Investing activities: | ||||
Acquisition of wells, pipelines, properties, plant and equipment and intangible assets | 13,389,062 | |||
Other assets and other receivables | (13,389,063) | |||
(Increase) decrease due to Inter-company investing | 68,955,875 | 193,654,225 | ||
Net cash flows (used in) investing activities | (119,070,332) | 68,955,875 | 193,654,225 | |
Financing activities: | ||||
Inter-company increase (decrease) financing | 554,967,450 | (1,052,085,915) | (267,592,134) | |
Net cash flows from financing activities | 554,967,450 | (1,052,085,915) | (267,592,134) | |
Petróleos Mexicanos | ||||
Operating activities: | ||||
Net income (loss) | 100,412,050 | (294,532,169) | (508,878,813) | |
Income taxes and duties | (2,412,355) | (3,017,215) | 20,804,230 | |
Depreciation and amortization of wells, pipelines, properties, plant and equipment | 554,672 | 926,413 | 1,066,176 | |
Amortization of intangible assets | 433,850 | 302,074 | 453,081 | |
Loss from derecognition of disposal of wells, pipelines, properties, plant and equipment | 770,522 | 165,820 | 94,065 | |
Depreciation of rights of use | 402,661 | 518,108 | 644,838 | |
Loss (profit) sharing in joint ventures and associates | (149,613,112) | 257,030,877 | 441,125,283 | |
Unrealized foreign exchange loss (income) | (116,319,473) | 37,103,050 | 117,158,102 | |
Cancellation of leases | 17,489 | |||
Interest expense | 133,280,499 | 152,735,265 | 134,335,289 | |
Interest income | (15,912,365) | (15,021,009) | (11,617,299) | |
Duties and taxes | (6,301,293) | (9,832,139) | 1,349,021 | |
Accounts receivable, inventories, accounts payable, DFIs and provisions | 15,493,005 | 36,095,181 | (16,644,218) | |
Employee benefits | 18,330,319 | 23,767,561 | (355,666) | |
Inter-company charges and deductions | 511,277,041 | (945,742,643) | (147,308,477) | |
Net cash flows from operating activities | 490,413,510 | (759,500,826) | 32,225,612 | |
Investing activities: | ||||
Acquisition of wells, pipelines, properties, plant and equipment and intangible assets | (1,015,214) | (305,025) | (349,555) | |
Other assets and other receivables | 2,041,688 | 435,423 | 930,596 | |
(Increase) decrease due to Inter-company investing | (68,097,420) | (194,281,597) | ||
Net cash flows (used in) investing activities | 119,611,920 | (67,967,022) | (193,700,556) | |
Financing activities: | ||||
Increase in equity due to Certificates of Contribution “A” and proceeds from FONADIN grants | 211,306,717 | |||
Increase in equity due to Certificates of Contribution “A” | 316,354,129 | 46,256,000 | ||
Collection and interest collected from the Mexican Government | 7,455,715 | 22,915,255 | 5,800,940 | |
Lease payments (principal and interest) | (388,290) | (396,917) | ||
Loans obtained from financial institutions | 428,181,800 | 682,975,560 | 730,222,863 | |
Debt payments, principal only | (470,070,458) | (749,672,127) | (601,448,338) | |
Interest paid | (136,869,989) | (151,547,133) | (122,553,204) | |
Inter-company increase (decrease) financing | (669,221,278) | 732,126,639 | 84,752,963 | |
Net cash flows from financing activities | (629,906,783) | 852,764,033 | 142,634,307 | |
Net increase (decrease) in cash and cash equivalents | (19,881,353) | 25,296,185 | (18,840,637) | |
Cash and cash equivalents at the beginning of the year | 34,690,405 | 9,394,220 | 28,234,857 | |
Cash and cash equivalents at the end of the year (Note 9) | 14,809,052 | 34,690,405 | 9,394,220 | |
Subsidiary guarantors | ||||
Operating activities: | ||||
Net income (loss) | 109,090,601 | (244,266,218) | (425,617,517) | |
Income taxes and duties | 321,846,222 | 308,071,088 | 159,451,307 | |
Depreciation and amortization of wells, pipelines, properties, plant and equipment | 134,768,990 | 130,462,150 | 126,778,686 | |
Amortization of intangible assets | 22,598 | 27,629 | (30,155) | |
Impairment of wells, pipelines, properties, plant and equipment | 83,932,376 | 751,469 | 36,303,471 | |
Capitalized unsuccessful wells | 7,110,169 | 9,730,391 | 10,947,702 | |
Unsuccessful wells from intangible assets | 13,911,491 | 12,565,711 | 8,404,284 | |
Loss from derecognition of disposal of wells, pipelines, properties, plant and equipment | 20,594,151 | 47,033,371 | 3,004,053 | |
Depreciation of rights of use | 4,775,839 | 4,890,459 | 5,453,688 | |
Discount rate of reserve for well abandonment | 4,647,200 | 4,454,106 | 4,555,692 | |
Loss (profit) sharing in joint ventures and associates | 1,982,659 | 97,909 | (41,685) | |
Unrealized foreign exchange loss (income) | (7,874,293) | 4,878,103 | 12,040,638 | |
Cancellation of leases | (824,885) | (432,906) | (1,101,987) | |
Interest expense | 20,710,183 | 9,319,042 | 25,908,927 | |
Interest income | (10,859,934) | (13,696,982) | (5,124,749) | |
Duties and taxes | (360,898,996) | (247,468,399) | (155,315,035) | |
Accounts receivable, inventories, accounts payable, DFIs and provisions | (52,750,442) | (42,928,835) | (692,255) | |
Employee benefits | 35,818,190 | 45,120,142 | 64,873,037 | |
Inter-company charges and deductions | (191,050,153) | (154,191,287) | 37,878,271 | |
Net cash flows from operating activities | 134,951,966 | (125,670,082) | (92,323,627) | |
Investing activities: | ||||
Acquisition of wells, pipelines, properties, plant and equipment and intangible assets | (221,783,321) | (157,505,188) | (97,841,648) | |
Other assets and other receivables | (1,388,372) | 4,246,730 | (812,028) | |
Net cash flows (used in) investing activities | (223,171,693) | (153,258,458) | (98,653,676) | |
Financing activities: | ||||
Lease payments (principal and interest) | (9,806,074) | (8,266,969) | ||
Loans obtained from financial institutions | 34,447,738 | 4,088,422 | 1,046 | |
Debt payments, principal only | (41,828,143) | (8,885,244) | (4,828,154) | |
Interest paid | (17,387,706) | (5,430,171) | (7,200,077) | |
Inter-company increase (decrease) financing | 126,720,696 | 300,149,402 | 211,415,474 | |
Net cash flows from financing activities | 93,354,991 | 280,116,335 | 191,121,320 | |
Net increase (decrease) in cash and cash equivalents | 5,135,264 | 1,187,795 | 144,017 | |
Cash and cash equivalents at the beginning of the year | 6,157,869 | 4,970,074 | 4,826,057 | |
Cash and cash equivalents at the end of the year (Note 9) | 11,293,133 | 6,157,869 | 4,970,074 | |
Non-guarantor subsidiaries | ||||
Operating activities: | ||||
Net income (loss) | 104,483,300 | (12,764,655) | (15,507,766) | |
Income taxes and duties | 746,972 | 2,294,249 | 5,316,538 | |
Depreciation and amortization of wells, pipelines, properties, plant and equipment | 4,448,153 | 2,042,802 | 1,786,958 | |
Amortization of intangible assets | 59,894 | 73,592 | 56,062 | |
Impairment of wells, pipelines, properties, plant and equipment | (394,355) | 459,126 | 50,229 | |
Loss from derecognition of disposal of wells, pipelines, properties, plant and equipment | 2,358,648 | 100,431 | 2,199,444 | |
Depreciation of rights of use | 785,278 | 999,304 | 1,130,705 | |
(Gains) on bargain purchase of business acquisition | (1,271,188) | |||
Reclassification of translation effect | (10,383,296) | |||
(Gains) on disposal of subsidiary companies | 707,533 | |||
Loss (profit) sharing in joint ventures and associates | (66,706,428) | 2,990,198 | 3,582,218 | |
Unrealized foreign exchange loss (income) | (4,351,603) | 2,504,194 | 3,267,503 | |
Loss from derecognition of disposal of intangible asset | 396,118 | |||
Impairment of joint ventures | 6,703,324 | |||
Interest expense | 5,693,198 | 2,517,340 | 1,521,026 | |
Interest income | (455,666) | (188,793) | ||
Duties and taxes | 527,037 | (2,147,155) | (3,725,449) | |
Accounts receivable, inventories, accounts payable, DFIs and provisions | 15,832,583 | (29,866,906) | 22,115,695 | |
Employee benefits | 126,678 | (1,001,049) | (5,347,025) | |
Inter-company charges and deductions | 115,670,229 | 116,560,178 | 35,319,045 | |
Net cash flows from operating activities | 167,169,434 | 91,276,180 | 51,453,768 | |
Investing activities: | ||||
Acquisition of wells, pipelines, properties, plant and equipment and intangible assets | (131,061,456) | (77,595,821) | (40,426,953) | |
Other assets and other receivables | (19,728,200) | (31,511,677) | (2,640,055) | |
(Increase) decrease due to Inter-company investing | (858,455) | 627,372 | ||
Net cash flows (used in) investing activities | (150,304,771) | (109,965,953) | (42,439,636) | |
Financing activities: | ||||
Lease payments (principal and interest) | (1,074,067) | (1,346,915) | ||
Loans obtained from financial institutions | 601,549,878 | 949,152,861 | 557,905,959 | |
Debt payments, principal only | (595,260,679) | (949,024,209) | (545,685,655) | |
Interest paid | 301,005 | (279,321) | (1,235,869) | |
Inter-company increase (decrease) financing | (12,466,868) | 19,809,874 | (28,576,303) | |
Net cash flows from financing activities | (7,226,603) | 18,585,138 | (18,938,783) | |
Net increase (decrease) in cash and cash equivalents | 9,638,060 | (104,635) | (9,924,651) | |
Effects of foreign exchange on cash balances | (6,983,907) | 10,137,321 | 7,989,421 | |
Cash and cash equivalents at the beginning of the year | 35,658,173 | 25,625,487 | 27,560,717 | |
Cash and cash equivalents at the end of the year (Note 9) | $ 38,312,326 | $ 35,658,173 | $ 25,625,487 |
Supplementary Information on _3
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Summary of Capitalized Costs for Oil and Gas Producing Activities (Detail) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of supplementary information on oil and gas exploration and production activities [Line Items] | |||
Net capitalized costs | $ 795,594,996 | $ 851,120,645 | $ 772,882,060 |
Proved Properties | |||
Disclosure of supplementary information on oil and gas exploration and production activities [Line Items] | |||
Net capitalized costs | 2,866,888,317 | 2,755,452,487 | 2,483,134,177 |
Construction in progress | |||
Disclosure of supplementary information on oil and gas exploration and production activities [Line Items] | |||
Net capitalized costs | 78,758,180 | 65,874,785 | 64,911,619 |
Accumulated depreciation and amortization | |||
Disclosure of supplementary information on oil and gas exploration and production activities [Line Items] | |||
Net capitalized costs | $ (2,150,051,501) | $ (1,970,206,627) | $ (1,775,163,736) |
Supplementary Information on _4
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Summary of Costs Incurred for Oil and Gas Property Exploration and Development Activities (Detail) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Previously Reported | ||
Disclosure of supplementary information on oil and gas exploration and production activities [Line Items] | ||
Total costs incurred | $ 186,544,858 | $ 137,001,169 |
Exploration | ||
Disclosure of supplementary information on oil and gas exploration and production activities [Line Items] | ||
Total costs incurred | 52,128,899 | 40,812,385 |
Development | ||
Disclosure of supplementary information on oil and gas exploration and production activities [Line Items] | ||
Total costs incurred | $ 134,415,959 | $ 96,188,784 |
Supplementary Information on _5
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Additional Information (Detail) $ in Thousands, bbl in Millions, MMBbls in Millions, ft³ in Billions | 12 Months Ended | ||
Dec. 31, 2022 MXN ($) MMBbls ft³ bbl | Dec. 31, 2021 MXN ($) ft³ bbl | Dec. 31, 2020 | |
Disclosure - supplementary information on oil and gas exploration and production activities [Abstract] | |||
Exploration costs for geological and geophysical studies | $ | $ 12,169,758 | $ 10,054,253 | |
Estimated reserves percentage | 83.70% | ||
Remaining estimated reserve percentage | 16.30% | ||
Percentage of developed and undeveloped reserves | 0.30% | ||
Developed and undeveloped reserves increase decrease | bbl | 6,089.6 | 6,073 | |
Percentage of developed reserves | 1.40% | ||
Developed reserves increase decrease | bbl | 3,698.3 | 3,648.9 | |
Developed and undeveloped reserves added to offset | bbl | 710.2 | ||
Percenatge of developed and undeveloped dry gas reserves increased | 0.60% | ||
Developed and undeveloped dry gas reserves increase decrease | ft³ | 7,079.6 | 7,039.5 | |
Percentage of developed dry gas reserves increase | 11.10% | ||
Developed dry gas reserves increase decrease | ft³ | 4,368.5 | 3,933.7 | |
Developed and undeveloped dry gas reserves added to offset | ft³ | 854 | ||
Percentage of undeveloped dry gas reserves increase | 12.70% | ||
Undeveloped dry gas reserves increase decrease | ft³ | 2,711.1 | 3,105.8 | |
Exploratoroy activity in shallow waters and onshore regions incorporated | MMBbls | 89.1 | ||
Increase of proved reserves | bbl | 898.7 | ||
Reserve-replacement ratio | 102.80% | 105.10% | |
Reserves production ratio of proved reserves, period | 8 years 6 months | ||
Proved reserves after net cash flows discount factor | 10% | 10% | 10% |
Supplementary Information on _6
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Summary of Results of Operations for Oil and Gas Producing Activities (Detail) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure - supplementary information on oil and gas exploration and production activities [Abstract] | |||
Revenues from sale of oil and gas | $ 1,347,063,715 | $ 944,008,383 | $ 558,051,547 |
Hydrocarbon duties | 404,918,526 | 306,827,282 | 154,609,136 |
Production costs (excluding taxes) | 421,514,923 | 310,389,017 | 257,571,641 |
Other costs and expenses | 94,115,614 | 35,671,317 | (7,024,695) |
Exploration expenses | 38,752,353 | 37,006,392 | 31,868,857 |
Depreciation, depletion, amortization and accretion | 173,178,527 | 62,569,917 | 845,380 |
Total production costs | 1,132,479,943 | 752,463,925 | 437,870,319 |
Results of operations for oil and gas producing activities | $ 214,583,772 | $ 191,544,458 | $ 120,181,228 |
Supplementary Information on _7
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Summary of Sales Prices (Detail) | 12 Months Ended | ||
Dec. 31, 2022 USD-Barrel USD-Mcf USD-Boe Mcf | Dec. 31, 2021 USD-Boe USD-Barrel USD-Mcf | Dec. 31, 2020 USD-Mcf USD-Boe USD-Barrel | |
Disclosure of supplementary information on oil and gas exploration and production activities [Line Items] | |||
Conversion factor for dry gas to barrels of oil | Mcf | 5,201 | ||
Weighted average sales price per barrel of oil equivalent | |||
Disclosure of supplementary information on oil and gas exploration and production activities [Line Items] | |||
Average sales price | USD-Boe | 69.31 | 52.22 | 27.86 |
Crude oil, per barrel | |||
Disclosure of supplementary information on oil and gas exploration and production activities [Line Items] | |||
Average sales price | USD-Barrel | 89.84 | 66.06 | 35.47 |
Natural gas, per thousand cubic feet | |||
Disclosure of supplementary information on oil and gas exploration and production activities [Line Items] | |||
Average sales price | USD-Mcf | 7.17 | 5.16 | 2.54 |
Supplementary Information on _8
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Summary of Oil and Gas Proved Reserves (Detail) MMBbls in Millions, Bcf in Billions | 12 Months Ended |
Dec. 31, 2022 Bcf MMBbls | |
Crude oil and Condensates | |
Proved developed and undeveloped reserves: | |
Proved developed reserves | MMBbls | 3,698.3 |
Proved undeveloped reserves | MMBbls | 2,391.3 |
Total proved reserves | MMBbls | 6,089.6 |
Dry Gas | |
Proved developed and undeveloped reserves: | |
Proved developed reserves | Bcf | 4,368.5 |
Proved undeveloped reserves | Bcf | 2,711.1 |
Total proved reserves | Bcf | 7,079.6 |
Supplementary Information on _9
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Disclosure of Proved Developed and Undeveloped Reserve (Detail) - Bcf | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Crude Oil and Condensate Reserves | |||
Proved developed and undeveloped reserves: | |||
Beginning balance | 6,073,000 | 6,041,000 | 5,961,000 |
Revisions | 647,000 | 565,000 | 651,000 |
Extensions and discoveries | 78,000 | 115,000 | 97,000 |
Production | (710,000) | (697,000) | (695,000) |
Farm outs & transfer to exploration and production contracts (CEE) & transfer of fields due to NHC bidding process | 1,000 | 49,000 | 27,000 |
Ending Balance | 6,089,000 | 6,073,000 | 6,041,000 |
Proved developed reserves at December 31 | 3,698,000 | 3,649,000 | 3,603,000 |
Proved undeveloped reserves at December 31 | 2,391,000 | 2,424,000 | 2,438,000 |
Dry gas reserve | |||
Proved developed and undeveloped reserves: | |||
Beginning balance | 7,040,000 | 6,984,000 | 6,352,000 |
Revisions | 847,000 | 195,000 | 1,240,000 |
Extensions and discoveries | 43,000 | 590,000 | 176,000 |
Production | (854,000) | (751,000) | (819,000) |
Farm outs & transfer to exploration and production contracts (CEE) & transfer of fields due to NHC bidding process | 3,000 | 21,000 | 35,000 |
Ending Balance | 7,079,000 | 7,040,000 | 6,984,000 |
Proved developed reserves at December 31 | 4,368,000 | 3,934,000 | 3,922,000 |
Proved undeveloped reserves at December 31 | 2,711,000 | 3,106,000 | 3,062,000 |
Supplementary Information on_10
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Disclosure of Standardized Measure of Discounted Future Net Cash Flows (Detail) - Crude Oil Reserves - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of supplementary information on oil and gas exploration and production activities [Line Items] | ||||
Future cash inflows | $ 512,547 | $ 371,331 | $ 201,777 | |
Future production costs (excluding profit taxes) | $ (174,115) | (146,062) | (109,064) | |
Future development costs | (26,013) | (24,184) | (23,631) | |
Future cash flows before tax | 312,419 | 201,085 | 69,082 | |
Future production and excess gains taxes | (205,035) | (146,416) | (73,122) | |
Future net cash flows | 107,384 | 54,669 | (4,040) | |
Effect of discounting net cash flows by 10% | (44,461) | (18,443) | 3,359 | |
Standardized measure of discounted future net cash flows | $ 62,923 | $ 36,226 | $ (681) |
Supplementary Information on_11
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Disclosure of Changes in standardized Measure of Discounted Future Net Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure - supplementary information on oil and gas exploration and production activities [Abstract] | |||
Sales of oil and gas produced, net of production costs | $ (54,470) | $ (34,600) | $ (16,968) |
Net changes in prices and production costs | 77,278 | 84,233 | (39,509) |
Extensions and discoveries | 3,078 | 1,583 | 1,426 |
Development cost incurred during the year | 5,738 | 4,755 | 4,654 |
Changes in estimated development costs | (5,523) | (5,675) | (10,019) |
Reserves revisions and timing changes | 15,773 | 26,205 | 5,808 |
Accretion of discount of pre-tax net cash flows | 9,749 | 2,220 | 5,929 |
Net changes in production and excess gains taxes | (24,927) | (41,814) | 23,015 |
Aggregate change in standardized measure of discounted future net cash flows | 26,696 | 36,907 | (25,664) |
As of January 1 | 36,226 | (681) | 24,983 |
As of December 31 | 62,922 | 36,226 | (681) |
Change | $ 26,696 | $ 36,907 | $ (25,664) |